Accel-KKR has won PE Hub's Large-Cap Europe Deal of the Year Award for its successful exit of Smart Communications to Cinven at a reported $1.8 billion valuation. The London-based customer communications software company saw its total addressable market grow tenfold to over $10 billion under Accel-KKR's ownership, with revenue increasing fivefold from below $50 million since the 2016 acquisition.

Key to the deal's success was Accel-KKR's strategic focus on building the right leadership team and investing heavily in go-to-market capabilities. The firm rebuilt Smart Communications' management team after acquisition and won back analyst coverage that had been discontinued when parent company Thunderhead shifted resources away from the business. This positioned Smart Communications as essential 'plumbing' for regulated communications across industries.

Accel-KKR's patient approach paid off when it rejected initial offers in 2024, choosing instead to continue investing through acquisitions like Joisto and Pendula. The firm ultimately sold to Cinven in 2025 while retaining a minority stake. Meanwhile, Capza's Antoine Druais emphasized his firm's flexible approach to mid-market investing, targeting European SMEs with €20 million+ EBITDA and using preferred shares to limit dilution while accelerating performance.