Epicor Acquires Grow Inc

Transaction Overview

• On March 1, 2022, Epicor announced it would acquire Grow Inc., a data software company based in Lehi, Utah
• Grow Inc. designs and develops B2B software solutions, specializing in providing business intelligence for small and medium-sized organizations
• This deal marks Epicor’s second acquisition in 2022, after converting JMO Business Systems Ltd. into a subsidiary in mid-January

Epicor Expands Business Intelligence Offering

• Epicor gains Grow Inc.’s data and BI platform, an API-driven software that simplifies data aggregation and visualization
• Grow’s platform integrates data with popular existing connectors including Salesforce, Shopify, Airtable, Amazon Redshift, and Google Ads
• Grow’s intuitive functionality supports the real-time centralization of cloud data in areas of customer service, sales and marketing, project management, accounting, and database services
• Epicor builds upon its portfolio of analytics in business intelligence, adding Grow’s platform to its existing BI platforms focused on the industries of manufacturing, distribution, and retail
• Grow offers a broader scope of adoption, with current customers organized in various areas, such as higher education, professional sports, and magazines publications
• Grow’s cloud-based product has benefitted from improvements in compatibility, accessibility, and scalability, as well as the growing necessity for up-to-date data for remote-based teams
• This strategic acquisition enables Epicor to improve its industry-specific data products, while also benefitting from the positive outlook of Grow in other sectors

TBP’s Analysis of Trends in Business Intelligence M&A

• The global business intelligence market is projected to grow from USD 24.05 billion in 2021 to USD 43.03 billion by 2028, with the market exhibiting a CAGR of 8.7% (Source: Fortune Business Insights)
• Business Intelligence’s mainstream process is to break down a large volume of data into granular insights
• Large enterprises are struggling to generate this insight in real-time and predict the trends. As a direct result of a shortage of talent with skills in AI/ML technologies, companies with such capabilities in their software tend to be an attractive acquisition target
• Along with data visualization, data storytelling has proved to be an important aspect of business intelligence, especially for collaboration and executive management use
• In 2019, Salesforce acquired Tableau, the world’s #1 AI-driven analytics platform, and then later acquired Narrative Science in 2021 to add automated AI-driven data storytelling capabilities
• In selecting BI platforms, larger enterprises expect supported integration with different platforms, as well as the ability to ingest data from disparate sources

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TBP was NOT a financial advisor on this transaction.