KED invested more than $2 billion early in 2017 and the latest move came with an announcement of Infor’s considering a possible IPO this year or in 2020. Infor had $3.1 billion in revenue for the year ended April 30. But the possibility of an IPO had often been discussed by observers as the company has acquired many other software organizations over the years and accumulated a lot of debt—$5.8 billion as of the end of fiscal 2018. Infor has come a long way under CEO Charles Phillips, who joined in 2010 along with several fellow Oracle alums and became the company’s executive team. Infor has gone from a hardly known company to one that is playing aggressively from the mid-market to enterprise.