Irvine-based software company Mavenlink and Kimble Applications in London said today they have agreed to merge as their products help improve operational and financial performance of professional services firms.
Mavenlink’s cloud-based software helps professional services organizations and other companies to streamline workflow. It allows services businesses and teams to improve their performance by tracking time and expenses, managing finances, tracking projects, and communicating with one another.
Accel-KKR, a global technology-focused private equity firm, will be the majority investor in the combined business while existing Kimble and Mavenlink investors, including Carrick Capital Partners and Goldman Sachs, will continue to be investors, according to a statement today.
Ray Grainger, CEO and co-founder of Mavenlink, said he and Kimble Applications “share a common vision that purpose-built technology can transform the operational and financial performance of professional services firms.”
The merger will join two of the fastest growing technology players targeting the professional services vertical, serving over 2,000 clients globally.
The transaction, which is expected to close by the end of this year, is subject to regulatory approvals and other customary closing conditions.