Accel-KKR-backed Springbrook Software completed the acquisition of MAGIQ Software.

Accel-KKR-backed Springbrook Software, a developer of cloud-based finance and administration software, completed the acquisition of MAGIQ Software, a developer of software intended to enhance the finance and line of business systems. Financial terms were not disclosed. “Both Springbrook and MAGIQ Software put customer service and product innovation first. This acquisition represents the execution of our strategy to deliver the most comprehensive suite of fully integrated cloud-based solutions for local government agencies. The MAGIQ Cloud platform complements our own new Cirrus financial cloud platform with new advanced capital budgeting/planning/reporting and document management capabilities,” Robert Bonavito, Springbrook Software CEO.