Exact (company)
| File:Exact logo.svg | |
| Company type | Besloten vennootschap |
|---|---|
| Industry | Information technology, software |
| Founded | 1984 |
| Headquarters | Delft, Netherlands |
Key people | Paul Ramakers (CEO) Eduard Hagens (Founder) |
| Products |
|
| Revenue | € 209 million (2018) |
Number of employees | 1432 (2018) |
| Website | Exact |
Exact is a software firm from the Netherlands specializing in accounting, ERP, and business applications tailored for small and medium-sized enterprises. It delivers both cloud-hosted and on-premise software solutions to industries such as accountancy, wholesale distribution, professional services, and manufacturing, supporting more than 500,000 clients worldwide.
Established in 1984, Exact’s main office is located in Delft, with additional branches and subsidiaries spread throughout Europe, North America, and Asia. The company was publicly traded on Euronext Amsterdam until March 2015, when it was acquired by a consortium led by Apax Partners. In 2019, control shifted to the private equity firm KKR.
History
The origins of Exact trace back to Eduard Hagens and five associates who had previously worked as freelancers for Grote Beer, an early Dutch accounting software provider. After Grote Beer terminated their contracts, these partners founded Exact Software. In 1994, Exact acquired Grote Beer—then generating annual revenues of ƒ100 million—thereby increasing its customer portfolio to around 60,000 companies. The Grote Beer brand remained active until the year 2000.
Business
Exact’s international growth began with the purchase of Belgian companies Cobul and Cubic in 1989, which brought an additional 17,000 customers. By 1995, with offices established in the United Kingdom and Russia, overseas sales accounted for one-fifth of total revenue. Expansion into Germany was achieved through the acquisitions of Pcas, Bavaria Soft, Szymaniak (all in 1997), and the payroll specialist Soft Research in 1999.
During the 2000s, Exact extended its reach into the US manufacturing ERP market by acquiring Macola, JobBOSS, and MAX. In 2007, it bought Longview Solutions for $51.5 million; however, Longview was later sold to Marlin Equity Partners in 2014.
Internal leadership struggles emerged around the mid-2000s when founder Eduard Hagens returned in 2004 to find a decentralized organization that conflicted with his strategic vision. These tensions resulted in the departures of CEO Lucas Brentjens, CFO Bert Groenewegen, and members of the board. Hagens himself left the company in 2005 and was succeeded by Rajesh Patel.
In October 2014, Apax Partners announced its intention to acquire Exact for €730 million—a transaction finalized by April 2015—which led to the company’s removal from Euronext Amsterdam where it had been listed since 1999.
Exact broadened its product offerings into construction software by acquiring bouw7 in early 2019. That same year saw the purchase of Belgian accounting software provider WinBooks. Further strengthening its presence in Belgium during autumn 2020, Exact acquired HR software vendor Officient and also took over Unit4 Bedrijfssoftware’s Dutch and Belgian divisions that serve accountancy firms and SMEs.
Leadership
In 2019, Robinson revealed his diagnosis with chronic neurological Parkinson's disease. Despite this, he remained CEO until the end of 2020, when the progression of his symptoms led him to resign and transition to a non-executive director role on the supervisory board.
Paul Ramakers, who succeeded Robinson as CEO, had a long-standing history with Exact, serving as COO and holding multiple positions over 25 years within the company before assuming the top leadership role.
Products
Exact initially gained prominence through its Exact accounting software designed for MS-DOS. However, its subsequent Windows iteration was met with criticism for not offering the complete capabilities of the original DOS version, causing many users to continue using the older software well into the late 1990s.
On March 30, 2000, Exact introduced Globe 2000, a Windows NT-based solution featuring a modular "One-X" framework that formed the basis for all its products. The One-X architecture faced criticism due to its lack of compatibility with previous Exact software and its dependency on Microsoft SQL Server, which was deemed too demanding for the typical hardware used by small and medium-sized enterprises (SMEs).
In 2005, Exact launched Exact Online, a cloud-based platform primarily aimed at customers in the Benelux region. In May 2010, Exact partnered with Turkish developer Triodor in a joint venture to explore entry into the Turkish market. This trial concluded later that year without meeting expectations, leading Exact to concentrate exclusively on its operations in the Netherlands and Belgium.