Serent Capital Portfolio Company KEV Group Acquires TRA
San Francisco, CA - November 21, 2018 - Serent Capital, a San Francisco-based private equity firm focused on investing in fast-growing software and services businesses, announced that its portfolio company KEV Group ("KEV") has acquired Technology Resource Associates ("TRA"), a provider of cloud-based school activity fund accounting software to K-12 schools.
Together, KEV and TRA serve more than 16,500 schools in Canada and the U.S., processing over $3 billion in transactions annually, making it the largest provider of cash accounting management and online payments software in North America.
"This acquisition is a major milestone for KEV," said Bram Belzberg, CEO of KEV Group. "TRA is a highly respected provider recognized by their customers for the strength of their school accounting software solution and their dedication to customer service. Together, KEV and TRA become the market leader in helping parents and school manage online payments and cash."
"We are thrilled about joining forces with KEV and bringing the benefits of our partnership to our customers and the market," said Tom Rickman, Founder of Technology Resource Associates. "We've always admired the KEV platform, and look forward to bringing even more value to our clients as a result of this partnership."
The scale of the combined companies will unlock increased investments in customer support, sales and marketing, and product innovation. TRA customers will specifically benefit from access to KEV's feature-rich, fully integrated online payments offering, which brings the benefits of a natively integrated payments solution to TRA's cash accounting platform. The companies will continue to enhance their accounting software solutions, while expanding the scope of their offerings to address administrative, payments and parent communication needs of the K-12 market.
"TRA is an important acquisition for KEV, solidifying KEV's leadership in this market" shared Serent Capital Partner Kevin Frick. "The combined companies enjoy strong customer loyalty, clear market leadership in their category, and significant potential to transform the school financial management software and payments segments. We are excited to partner with the KEV and TRA teams and look forward to supporting their growth in the coming years."
TRA represents Serent's seventh investment in the education sector. Prior Serent education investments include KEV Group (2018), USATestprep (2018), ArbiterSports (2017), Digital Architecture (2016), Diamond Mind (2014), and C2 Education (2011).