(Bloomberg) -- Private equity firm CapVest Partners has agreed to acquire UK software provider Kerridge Commercial Systems Ltd.

CapVest is buying the business from tech-focused investment firm Accel-KKR, according to a statement Thursday, which didn’t provide financial details. The deal values KCS at more than £800 million ($1 billion), people with knowledge of the matter said.

“We believe that KCS is well positioned to accelerate growth in the coming years capitalizing on the ongoing demand for cloud ERP,” CapVest Principal Fred Raikes said in a statement. Raikes said CapVest plans to continue expanding KCS via mergers and acquisitions as well as new cloud products.

KCS, based in Berkshire, England, distributes enterprise resource planning software to 32,000 customers globally. It serves a range of industry sectors including building materials and supplies, food and beverage, automotive, IT and electronics, construction and engineering, media, and pharmaceuticals.

Accel-KKR invested in KCS in 2015. Since then, KCS has expanded through a series of acquisitions.

The transaction adds to a flurry of technology dealmaking in Europe. 

EQT AB is considering options for Sitecore, including a potential sale that could value the digital marketing software provider at as much as $2 billion, Bloomberg News reported in June.

Partners Group Holding AG has been looking to resurrect the sale of $2 billion public sector software firm Civica, while Silver Lake Management is taking over Germany’s Software AG. Also, Nordic Capital is one of the last suitors circling the Swiss banking software maker Temenos AG.

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