Exact

Exact is a Netherlands-based business-software company headquartered in Delft. Founded in 1984 by six former freelance developers who had worked for the Dutch accounting-software producer Grote Beer, the company initially built standardized accounting applications and gradually expanded into a broader portfolio of financial, enterprise resource planning, payroll, manufacturing and business-management products. Its principal customers are small and medium-sized businesses, accountants and professional-service organizations, although its systems also serve companies in wholesale distribution, construction and manufacturing. The company’s early development was shaped by international expansion and acquisitions. In 1989, Exact acquired Belgian software companies Cobul and Cubic, adding approximately 17,000 customers. It subsequently opened offices in the United Kingdom and Russia and entered Germany through a series of acquisitions, including Pcas, Bavaria Soft, Szymaniak and Soft Research. By the mid-1990s, international activity accounted for a material share of its revenue. During the 2000s, Exact broadened its manufacturing-ERP presence in North America by acquiring companies and product lines associated with Macola, JobBOSS and MAX. It also purchased Longview Solutions in 2007, although that business was later divested. Exact’s corporate history included a major governance dispute in 2004. Founder Eduard Hagens returned after an extended absence and opposed the decentralized organization implemented under chief executive Lucas Brentjens and chief financial officer Bert Groenewegen. The conflict led to the departure of senior executives and the board, followed by further leadership changes and employee departures. Hagens subsequently left the company and was succeeded as chief executive by Rajesh Patel. Exact became a public company in 1999 but was taken private after Apax Partners agreed to acquire it in 2014. The transaction was completed in April 2015 for approximately €730 million, and Exact was removed from Euronext Amsterdam. KKR became the company’s investor in 2019. Under private ownership, Exact continued to expand through acquisitions focused on vertical markets and adjacent business applications. It entered construction software through bouw7, added Belgian accounting and business-management specialist WinBooks, and acquired Belgian human-resources software supplier Officient. It also acquired Unit4 Bedrijfssoftware, the Unit4 business serving accountancy, small and medium-sized businesses and larger Dutch and Belgian organizations. Exact’s portfolio combines cloud-based subscriptions with on-premises products and services. Its offerings generally cover accounting and financial management, ERP, payroll and human resources, project and professional-services administration, manufacturing, wholesale distribution and construction. The company states that its software is used by more than 500,000 companies. Its geographic base remains the Netherlands and wider Europe, while subsidiaries and offices have also supported operations in North America and Asia. In leadership, long-serving chief executive Phill Robinson disclosed in 2019 that he had Parkinson’s disease. As his symptoms progressed, he moved at the end of 2020 from the CEO role to Exact’s supervisory board. Paul Ramakers, previously the company’s chief operating officer and an Exact employee for approximately 25 years, succeeded him as CEO.

Exact was established in 1984 by Eduard Hagens, Rinus Dekker, Arco van Nieuwland, Paul van Keep, Paul Frijling and Leo Schonk. The founders had worked as freelancers for Grote Beer, an early Dutch producer of standardized accounting software. After Grote Beer dismissed its freelance workforce, they formed their own company and developed Exact Software. The business initially concentrated on accounting applications, but its customer and product base expanded as it entered adjacent areas of business administration. A significant early step was Exact’s 1989 acquisition of Belgian companies Cobul and Cubic, which brought about 17,000 customers into the group. Exact then established offices in the United Kingdom and Russia. Its German expansion followed through the acquisitions of Pcas, Bavaria Soft, Szymaniak and Soft Research, the latter described as a German payroll-software market leader. By 1995, international operations represented about one-fifth of the company’s revenue. In 1994, Exact also acquired Grote Beer, whose name remained in use as a trademark until 2000. The acquisition reportedly increased Exact’s customer portfolio to approximately 60,000 companies. During the 2000s, Exact developed a broader international ERP footprint. It acquired or incorporated North American manufacturing-software businesses and product lines connected with Macola, JobBOSS and MAX. In 2007, it acquired Longview Solutions for US$51.5 million. Longview was subsequently sold to Marlin Equity Partners in 2014 for an undisclosed amount, illustrating Exact’s willingness to reshape its portfolio through both acquisitions and divestments. The company experienced a leadership crisis in 2004. After returning from a ten-month voyage, founder Eduard Hagens objected to organizational changes that had decentralized the company. His dispute with CEO Lucas Brentjens and CFO Bert Groenewegen resulted in the departure of both executives and then the resignation of the full board. The episode caused employee departures and further instability. After a later CFO also resigned, Hagens announced his own departure in 2005 and Rajesh Patel succeeded him. Exact became publicly traded on Euronext Amsterdam in 1999. In October 2014, it announced an agreement to be acquired by Apax Partners. Completion in April 2015 valued the transaction at approximately €730 million and ended Exact’s public listing. In 2019, KKR became the company’s investor. The private-equity ownership period was accompanied by continued product and vertical expansion rather than a return to public markets. In 2019, Exact entered the construction segment through the purchase of bouw7 and added Belgian accounting and business-management specialist WinBooks. In 2020, it announced the acquisitions of Officient, a Belgian HR-software provider, and Unit4 Bedrijfssoftware, Unit4’s business serving accountancy, SME and larger-business customers in the Netherlands and Belgium. These transactions strengthened Exact’s position in human resources, accounting and localized business-management software. Leadership changed again in 2020. CEO Phill Robinson, who had disclosed in 2019 that he had chronic Parkinson’s disease, moved to Exact’s supervisory board as a non-executive director at the end of 2020 because of the progression of his symptoms. Paul Ramakers, who had served as chief operating officer and had worked at Exact for approximately 25 years in several roles, became CEO. Exact continues to operate from Delft, with offices and subsidiaries across Europe, North America and Asia. Its business spans cloud and on-premises accounting, ERP, manufacturing, wholesale, professional-services, construction, payroll and related business-management software.

1. 2020HR, accounting and leadership expansion

   Exact announces the acquisitions of Officient and Unit4 Bedrijfssoftware, while Paul Ramakers succeeds Phill Robinson as CEO.

   Source
2. 2019Construction and Belgian accounting expansion

   Exact acquires bouw7 and adds WinBooks, strengthening construction and Belgian accounting offerings.

   Source
3. 2015Take-private transaction completed

   Apax completes its acquisition of Exact, and the company is delisted from Euronext.

   Source
4. 2007Longview Solutions acquired

   Exact acquires Longview Solutions to broaden its enterprise-software portfolio.

   Source
5. 1999Exact lists on Euronext

   Exact becomes a publicly traded company on Euronext Amsterdam.

   Source
6. 1994Acquisition of Grote Beer

   Exact acquires its former employer Grote Beer and expands its customer portfolio.

   Source
7. 1989Belgian expansion begins

   Exact acquires Cobul and Cubic, adding a substantial Belgian customer base.

   Source
8. 1984Exact is founded

   Six former Grote Beer freelancers establish Exact and begin developing standardized accounting software.

   Source

A European business-software provider focused on integrated accounting, ERP and sector-specific management tools for small and medium-sized enterprises, accountants and selected larger organizations. Exact combines cloud products with established on-premises systems and emphasizes localized functionality for markets in which it operates.

• Exact OnlineCloud business software

  Exact’s cloud-oriented business-management environment for accounting, financial administration and related operational processes. It is aimed primarily at SMEs, accountants and professional organizations and is designed to connect financial data with functions such as projects, inventory, sales and business administration.

• Exact GlobeERP and financial management

  An established Exact business-management and ERP product used for financial administration and broader operational control. The product represents Exact’s on-premises and traditional ERP heritage and has supported localized business processes across multiple markets.

• Exact for ManufacturingManufacturing ERP

  Manufacturing-focused ERP functionality covering financial management and production-related processes. Exact’s manufacturing portfolio was reinforced by the company’s historical involvement with Macola, JobBOSS and MAX software businesses in North America.

• Exact for Wholesale DistributionWholesale distribution software

  Business software for distributors that links financial administration with commercial and operational workflows. It is intended to help wholesale companies manage transactions, inventory and related business processes within an integrated ERP environment.

• Exact for Professional ServicesProfessional-services software

  Software for professional-services firms and other project-oriented organizations. Its scope centers on administration, projects, time, billing and financial control, helping service businesses connect delivery activity with accounting and management reporting.

• Exact for AccountancyAccounting practice software

  Tools and services for accountancy practices and the businesses they support. The offering builds on Exact’s accounting heritage and is intended to facilitate financial administration, collaboration and reporting across accountants and SME clients.

• Exact for ConstructionConstruction management software2019

  Construction-sector business software developed in part through Exact’s acquisition of bouw7. It extends the company’s accounting and ERP capabilities into construction administration and project-related workflows.

• 2020Add HR and regional business-software capabilitiesM&A

  Exact continued to build an integrated portfolio for SMEs, accountants and larger organizations in the Netherlands and Belgium.

  What changed. Exact announced the acquisition of Belgian HR provider Officient and Unit4 Bedrijfssoftware, the Unit4 business serving Dutch and Belgian accountancy and business customers.

  Aftermath. The transactions expanded Exact’s HR, accounting and localized business-management capabilities.

  Source
• 2019Expand into construction and Belgian accountingM&A

  Exact sought to broaden its vertical coverage beyond core accounting and general business software.

  What changed. The company acquired construction-software provider bouw7 and added Belgian accounting and business-management provider WinBooks.

  Aftermath. Exact strengthened its construction offering and its presence in the Belgian accounting-software market.

  Source
• 2014Accept the Apax Partners acquisitionM&A

  Exact was a publicly listed software company when Apax Partners proposed a take-private acquisition.

  What changed. Exact announced the transaction in October 2014; completion followed in April 2015.

  Aftermath. The company was delisted from Euronext Amsterdam and continued under private ownership.

  Transaction value. Approximately €730 million (April 2015)

  Source

• 2020Phill Robinson moves from CEO role to supervisory board

  Robinson stepped back from day-to-day leadership because of the progression of Parkinson’s disease and became a non-executive director.

  Leadership changeOther
  Source
• 2020Paul Ramakers succeeds Phill Robinson as CEO

  Paul Ramakers, previously Exact’s chief operating officer, became chief executive after a long career with the company.

  Leadership change
  Source
• 2020Exact acquires Officient and Unit4 Bedrijfssoftware

  Exact announced acquisitions of Belgian HR-software provider Officient and Unit4’s Dutch and Belgian business-software unit.

  M&A
  Source
• 2019Exact acquires bouw7

  Exact expanded into construction software through the acquisition of bouw7.

  M&A
  Source
• 2019Exact adds WinBooks to its organization

  The company added Belgian software provider WinBooks, which specialized in accounting and business-management applications.

  M&A
  Source
• 2015Exact completes take-private transaction and leaves Euronext

  The Apax-led acquisition was completed for approximately €730 million, after which Exact was delisted from Euronext Amsterdam.

  M&AOther
  Source
• 2014Exact announces acquisition by Apax Partners

  Exact announced that it would be acquired by Apax Partners in a transaction that would take the company private.

  M&A
  Source

1. Exact