Tuesday, October 27, 2009

KANA Software Acquired by Accel-KKR

Private equity firm Accel-KKR is acquiring Menlo Park-based KANA Software, the two said Tuesday, in a deal worth $48.9M. According to the companies, an affiliate of Accel-KKR will buy substantially all of Kana's assets and liabiities, for $48.9m in cash. According to the firms, Kana will continued to be listed on the OTCBB after purchase, and that the firm will look to pursue opportunities to acquire one or more profitable businesses. Accel-KKR and Kana said they are specifically looking to take advantage of $400M in net operating losses (NOLs) at Kana. Kana was advised by Pagemill Partners and Fenwick & West LLP; Accel-KKR was advised by Kirkland & Ellis LLP.