Koch Industries announced today that it has closed on the acquisition of Infor, announced in February. The company never officially announced the purchase price, but sources indicated that it was close to $13 billion, putting it in line to be one of the top 10 enterprise acquisitions this year.
The company will remain an independent subsidiary of Koch, which tends to deal more in manufacturing than software. The goal is to use the resources of Koch to continue to build out the Infor product family with a focus on industry-specific solutions, according to the company.
At the time of the deal in February, CEO Kevin Samuelson certainly saw the potential of having a company with the financial resources of Koch backing his organization.
“As a subsidiary of a $110 billion+ revenue company that re-invests 90% of earnings back into its businesses, we will be in the unique position to drive digital transformation in the markets we serve,” Samuelson said.
As the company pointed out, Infor is helping customers move to the cloud, even in industries like manufacturing, distribution and finance that might otherwise be stuck on legacy systems. This transition to the cloud is becoming even more pressing as companies deal with the COVID-19 crisis and are forced to find creative ways to keep their businesses going, even when many employees can’t come into the office. Having access to applications in the cloud certainly helps ease that burden.
The company counts some of the largest organizations in the world as customers, including 17 of the top 20 global banks, 9 of the 10 largest global hotel brands and 7 of the top 10 global luxury brands
Infor was founded in 2002 and raised over $6 billion along the way, according to PitchBook. Its most recent investment before the acquisition was for $1.5 billion in January 2019.