Arcturus KB — KKR Portfolio Intelligence

IPO: At 10-12x ARR, Accuris would command $3.6B-$4.4B. Compare to comparable engineering SaaS exits (Roper, Bentley Systems).
Strategic sale: Industrial software consolidators (Schneider Electric, Honeywell, Siemens) would pay a premium for the engineering vertical.
Secondary: Growth equity or large tech funds would likely pay $2.5B-$3B for a minority stake at these metrics.

PE portfolio is performing well overall — weighted average MOIC of 2.4x and IRR of 18.2%. Infrastructure is the growth engine (just closed a $19.2B fund).

PetVet is the red flag — revenue declining 4%, EBITDA margin compressed to 20% (from 24%), staff turnover at 31%. Needs operational intervention. [PetVet Deep Dive]

Coty remains levered at 5.2x — revenue is flat but margins are slowly expanding. Debt paydown is on track.

Accuris is the star — 18% revenue growth, 118% net retention, 32% EBITDA margins. Classic SaaS compounder. [SaaS Exit Framework]

Portfolio Operations