Tracked deals
5
5 tracked deals across 2025.
Cloud & SaaS Recapitalizations in 2025
Buyer mix
PE-led
9 pe · 2 investor
Top trend
Volume peaked in 2021
12 tracked deals announced in 2021.
Buyer Snapshot
Top Buyers
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| Bow River Capital | 2 | Denver-based alternative asset manager with a Software Gr... | PE |
| AKKR Isosceles CV LP | 1 | Single-asset continuation fund vehicle managed by Accel-K... | PE |
| AKKR Strategic Capital LP | 1 | Accel-KKR’s dedicated strategic capital vehicle that inve... | PE |
| Accel-KKR | 1 | Technology-focused private equity firm investing in softw... | PE |
| Apax Funds | 1 | Global private equity firm focused on technology and grow... | PE |
| GIC | 1 | Sovereign wealth fund investing globally across asset cla... | Investor |
| Goldman Sachs Alternatives (Secondaries) | 1 | Institutional asset manager’s alternatives/secondaries te... | Investor |
| Leonard Green & Partners | 1 | U.S.-based private equity firm investing in middle-market... | PE |
| Level Equity | 1 | Private investment firm focused on providing growth capit... | PE |
| Pamlico Capital | 1 | Middle-market private equity firm investing in software, ... | PE |
Acquisition Volume in Cloud & SaaS Recapitalizations in 2025 by Year
Last 8 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
-
December 9, 2025
- Buyer
- Pamlico Capital, Level Equity
- Target
- EHS Insight
- Industry
- Cloud & SaaS
- Location
- Texas, United States
- Type
- Recapitalization
Pamlico Capital has completed a recapitalization investment in EHS Insight, a Houston-based provider of cloud-based environmental, health, and safety (EHS) software, with existing investor Level Equity making a significant re-investment. EHS Insight co-founders Gary McDonald and Eric Stevens will retain meaningful ownership stakes; the capital will support continued product innovation, customer impact, and growth.
-
September 11, 2025
- Buyer
- Bow River Capital, RippleWorx
- Target
- meQuilibrium
- Industry
- Cloud & SaaS
- Location
- Colorado, United States
- Type
- Recapitalization
Bow River Capital's Software Growth Equity Team has completed a majority recapitalization of meQuilibrium, merging the company with RippleWorx to create a market-leading human capital management firm focused on workforce mental health and performance. The combined business will be dual‑headquartered in Denver and Boston, with meQuilibrium founder Jan Bruce leading and RippleWorx CEO Steve Foster serving as Chairman and Head of Revenue Growth.
-
August 11, 2025
- Buyer
- Accel-KKR, AKKR Isosceles CV LP, Goldman Sachs Alternatives (Secondaries), AKKR Strategic Capital LP
- Target
- isolved
- Industry
- Cloud & SaaS
- Location
- North Carolina, United States
- Type
- Recapitalization
Accel-KKR has closed AKKR Isosceles CV LP, a $1.9 billion single-asset continuation fund to extend its partnership with isolved, providing liquidity to existing investors and committing $350 million of new capital to isolved's growth and acquisitions. Lead investor Goldman Sachs Alternatives' Secondaries team and other institutional participants joined the fund; Accel-KKR employees are now the largest investor group.
-
June 25, 2025
- Buyer
- Bow River Capital (Software Growth Equity Team)
- Target
- Topia
- Industry
- Cloud & SaaS
- Location
- Colorado, United States
- Type
- Recapitalization
Bow River Capital's Software Growth Equity team completed a majority recapitalization of Topia, a Denver-based SaaS platform for global mobility management and remote work compliance. The investment will support Topia's product and technology roadmap, including AI-enabled R&D and analytics, to scale the company's global offering to enterprise clients.
-
- Buyer
- Apax Funds (Apax Partners LLP), GIC, Leonard Green & Partners (LGP)
- Target
- ECI Software Solutions
- Industry
- Cloud & SaaS
- Location
- Texas, United States
- Type
- Recapitalization
Apax Funds, advised by Apax Partners LLP, has reached an agreement to increase its equity stake in ECI Software Solutions and will become a co-control owner alongside Leonard Green & Partners (LGP); GIC also made a substantial new investment. The transaction is intended to support ECI’s continued growth — including accelerated M&A and international expansion — as the company continues to scale its cloud-based, industry-specific ERP and business management software.
Full Export
Purchase this data
Get the full acquisitions list for this page as CSV + XLSX.
Build a buyer list for your Cloud & SaaS deal
Find buyers actively acquiring cloud & saas companies.