Cloud & SaaS Acquisitions in 2021

Vervint (formerly Open Systems Technologies/OST) acquired Texas-based cloud service provider Stratum Technology on December 31, 2021. The purchase expands Vervint’s cloud professional services and Azure/AWS managed services capabilities, adding Stratum’s architects, engineers and healthcare cloud (Epic) expertise to Vervint’s offerings.

IRIS Software Group has acquired AccountantsWorld, a New York–based provider of cloud accounting, payroll and practice-management solutions for CPA firms, to expand IRIS's footprint in North America. The deal integrates AccountantsWorld's suite into IRIS's accountancy portfolio to accelerate Client Accounting Services (CAS) offerings and broaden capabilities for North American accounting firms.

Embrace Software has acquired Radiant RFID, an industrial IoT and asset-tracking solutions provider, and welcomed 35+ Radiant team members to Team Embrace. Radiant will continue to operate independently while Embrace has invested $1M of growth capital to support product and commercial expansion of Radiant's cloud-based IoT platform.

TriNet Group, Inc. entered a definitive agreement to acquire Zenefits from Francisco Partners, expanding TriNet’s SMB product offering with Zenefits’ cloud HR, payroll and benefits platform. The deal will add an ASO/HRIS capability to TriNet’s suite and integrate Zenefits’ team and customers into TriNet upon closing; terms were not disclosed.

Salesloft, the Atlanta-based provider of a sales engagement SaaS platform, announced a strategic growth investment from Vista Equity Partners that values the company at a multi-billion dollar valuation. The investment will provide capital and partnership to accelerate product innovation, international expansion (particularly beyond North America), and continued go-to-market growth; Vista will join Salesloft's board.

Mux, the San Francisco-based developer video platform, has acquired Stream Club, a San Francisco startup that provides an API/SDK and drag-and-drop studio for building studio-quality live streams. The acquisition integrates Stream Club’s live production tools into Mux’s product suite to simplify building high-quality live streaming experiences for developers.

Francisco Partners has acquired Office Ally, a provider of cloud-based healthcare clearinghouse and revenue cycle management software. The investment will support Office Ally's product innovation and growth as founder Brian O'Neill retires and Chris Hart is named CEO.

Audax Private Equity completed a strategic growth investment in Integrate (Integrate.com, Inc.), a B2B demand marketing SaaS provider, in December 2021. The undisclosed investment will support Integrate's product development, customer growth, and geographic and vertical expansion for its Demand Acceleration Platform (DAP).

Auctane, a shipping and fulfillment software leader, has acquired Packlink, a Madrid-based European shipping platform, to expand its merchant solutions suite and strengthen its presence in Europe. The deal brings Packlink’s e-commerce shipping capabilities into Auctane’s portfolio alongside brands like ShipStation and MetaPack; J.P. Morgan advised Auctane while Clipperton advised Packlink’s shareholders.

ConvergeOne, a services-led technology solutions provider, has acquired Prime TSR, a Chicago-based cloud modernization and data platform consultancy. The acquisition expands ConvergeOne's cloud modernization and data capabilities to better serve enterprise customers in healthcare, insurance and professional services.

Autodesk announced it is acquiring ProEst, a cloud-based construction estimating solution, and will integrate ProEst into Autodesk Construction Cloud to strengthen its preconstruction and cost estimation capabilities. The deal is expected to close in Autodesk’s fourth quarter of fiscal 2022 and is intended to expand Autodesk Construction Cloud’s preconstruction offerings and improve end-to-end cost visibility for construction teams.

Ambina Partners made a growth equity investment in Beacon Healthcare Systems, a California-based provider of SaaS technology for health plans that manages claims, appeals, grievances, compliance, enrollment, and analytics. The funding will support Beacon's sales & marketing expansion and product development to accelerate growth.

PSG, together with ShieldCo (a PSG V portfolio company), has acquired Traction Guest, a Vancouver-based provider of cloud-based visitor management and workforce security software. The investment is intended to accelerate product innovation at Traction Guest and expand ShieldCo's footprint and capabilities in the visitor management/workplace safety market.

Mitratech has acquired Continuity, a cloud-based Governance, Risk and Compliance (GRC) technology and advisory provider focused on banks, credit unions and the broader financial services market. The acquisition adds Continuity’s Regulatory Operations Center, AI-driven analytics and advisory services to Mitratech’s legal operations, risk and compliance product portfolio to deepen capabilities for financial-institution customers.

Flatiron Health has acquired Protocol First, a Salt Lake City–based provider of clinical research software, making Protocol First a wholly owned subsidiary effective Dec. 14. The acquisition integrates Protocol First's EHR-to-EDC connector and research workflow tools into Flatiron's Clinical Research business unit to expand Flatiron's real-world evidence and clinical research capabilities.

Agilysys, Inc. has entered into a definitive agreement to acquire ResortSuite, a Toronto-based provider of integrated property management software for resorts and multi-amenity hotels, in an all-cash deal of approximately $25 million. The acquisition (expected to close in early January 2022) will expand Agilysys' presence in the resort/hotel PMS market and bring cloud-native SaaS options and integrated contactless capabilities to ResortSuite customers.

Mavrck, an enterprise influencer marketing platform headquartered in Boston, closed a $120 million growth investment from global growth equity firm Summit Partners. The funding will accelerate Mavrck's product expansion and development of an operations cloud to scale social proof capabilities for consumer brands.

LifeSpeak Inc., the Toronto-based mental health and total wellbeing SaaS provider, has completed the acquisition of Boston-area caregiver support platform Torchlight (EnCompass Education Solutions, Inc.). The deal — funded with US$17.25 million in cash plus LifeSpeak shares and potential additional milestone shares — expands LifeSpeak's digital caregiver capabilities and strengthens its presence in the United States while creating cross-sell opportunities across both companies' client bases.

marbis GmbH (brand: Nitrado), a FLEX Capital portfolio company, has acquired Apex Hosting LLC, a Florida-based market leader in Minecraft server hosting. The deal expands Nitrado’s presence in the English-speaking market—particularly the United States—combining Nitrado’s global infrastructure with Apex’s strong customer support and market position.

Nexa Equity made a majority growth investment in Leap, a Columbia, Maryland-based provider of sales enablement software for home contractors. The investment will fund product development, go-to-market expansion and potential strategic acquisitions while Leap's founders and management remain meaningful shareholders.

Dude Solutions, a Clearlake Capital-backed SaaS provider of operations management solutions, has acquired Facility Health, Inc., a Grand Rapids-based provider of capital planning and asset health analytics software. The add-on acquisition strengthens Dude Solutions' enterprise asset management portfolio and expands its healthcare asset-management capabilities and North American footprint; financial terms were not disclosed.

QAD Inc. has acquired WebJaguar, an Aliso Viejo-based digital commerce solution provider that powers over 1,000 eCommerce stores. QAD will integrate WebJaguar into its Complete Customer Management portfolio to expand digital commerce capabilities for manufacturing and supply-chain customers; View Partners Capital acted as exclusive financial advisor to WebJaguar.

Jet Support Services, Inc. (JSSI) has acquired TRAXXALL, a Montreal-based provider of SaaS aircraft maintenance tracking and parts inventory management. The deal brings TRAXXALL into JSSI's SaaS division to accelerate JSSI's digital offerings and expand its maintenance-tracking capabilities for business aviation customers.

Vyne Dental has acquired Onederful, Inc., a provider of real-time dental plan eligibility and benefits APIs, to integrate Onederful's eligibility engine into Vyne Trellis and enhance Vyne's revenue cycle and claims management offerings for dental practices. The acquisition expands Vyne Dental's capabilities for standardized payer data ingestion and real-time eligibility verification across hundreds of payers.

Vistara Growth made a growth capital investment in meQuilibrium to accelerate the HR technology company's product roadmap, support hiring, pursue complementary acquisitions, and expand go-to-market efforts. meQuilibrium provides a digital resilience and workforce-wellbeing SaaS platform serving large enterprises and has experienced rapid revenue growth in recent years.

MotorK Plc has completed the acquisition of Dapda S.L., a Spanish provider of digital tools for automotive retailers founded in 2005. The deal expands MotorK's presence and customer base in Spain and will allow MotorK to roll out services from its integrated SaaS platform to Dapda's customers across Iberia; the acquisition is part of a set of deals (including Fidcar and FranceProNet) announced previously with total consideration of up to €13.8 million.

Veeva Systems acquired Veracity Logic, a provider of cloud software for randomization and trial supply management (RTSM), adding RTSM capabilities to Veeva's end-to-end clinical suite. The Veracity Logic team will join Veeva to operate the product as Veeva RTSM and continue supporting existing customers and integrations with EDC systems.

365 Retail Markets has acquired Spoonfed, a Glasgow-based web‑based subscription software provider for contract caterers and restaurant operators. The deal gives 365 full ownership of Spoonfed, delivering an exit for investors including Equity Gap and Scottish Enterprise and adding catering order-management capabilities to 365’s global self-service commerce platform as it targets international and higher-education markets.

IBI Group Inc. completed the purchase of the assets and intellectual property of Manitoba-based Telenium Inc., including its 511 advanced traveller information solution and road condition reporting system. The acquisition bolsters IBI's Travel-IQ SaaS offering, expands its 511 service footprint across Canadian provinces, and adds recurring revenue and Telenium's software development team to IBI.

TA Associates announced a strategic growth investment in Swiss insurance software provider Adcubum AG and German P&C software company tech11 GmbH to create a leading health and property & casualty (P&C) insurance software provider across Europe. The investment will combine Adcubum’s Syrius core platform and tech11’s cloud-native P&C platform to accelerate product innovation, expand go-to-market reach and pursue organic and acquisitive growth across European insurance markets.

Hg will become a significant shareholder in Pirum Systems, sharing joint control with existing backer Bowmark Capital while Pirum's management retains a significant stake. The investment will support Pirum's global expansion and further product and capability development across its post-trade automation and collateral management platform.

ClubReady, a studio fitness and wellness club management software provider, acquired Aurora Multimedia Services to add multimedia messaging and SMS capabilities to its platform. The acquisition integrates Aurora's texting and multimedia messaging into ClubReady's CRM to help fitness studios improve member engagement, reduce cancellations, and increase sales.

ComplySci has acquired RIA in a Box, a SaaS provider of compliance, cybersecurity, and operational software for the wealth management industry. RIA in a Box will continue to operate under its brand with Will Bressman as President of the combined organizations; the acquisition expands ComplySci's GRC product suite and follows a strategic investment in ComplySci from K1 Investment Management (RIA in a Box had been previously backed by Aquiline Capital Partners).

Finvi, a provider of enterprise revenue-recovery technologies, has acquired Fonative, a Communications Platform as a Service (CPaaS) provider that powered Finvi's Omni Voice platform for over a decade. The acquisition integrates Fonative's compliant voice and messaging capabilities into Finvi's product suite to accelerate communications offerings for regulated markets including financial services, healthcare, and government.

Precisely, a data integrity software leader backed by Clearlake Capital and TA Associates, has signed a definitive agreement to acquire Atlanta-based SaaS provider CEDAR CX Technologies. The acquisition adds CEDAR CX's cloud Customer Communication Management (CCM) and hosted managed services capabilities to Precisely's EngageOne portfolio, strengthening offerings for regulated industries such as wealth management, lending, and insurance.

Broadcom Inc. announced the acquisition of AppNeta, a Boston-based SaaS provider of network performance and digital experience monitoring, to extend Broadcom's DX NetOps capabilities. The deal integrates AppNeta's end-to-end, internet-aware visibility into Broadcom's infrastructure and AIOps tooling to provide enterprises with improved digital experience management across cloud, SaaS and remote user environments.

MCR, the U.S. hotel owner-operator, has acquired Optii, a cloud-based, AI-powered hotel operations and housekeeping software platform headquartered in Austin, Texas. Optii will remain a standalone company with its existing management team; MCR will act as an arms-length customer and leverage the platform across its portfolio to drive operational improvements and product enhancements.

Numerated has acquired Fincura, Inc. to add automated financial spreading, OCR and AI-driven financial analysis into Numerated's Digital Loan Origination System. The acquisition expands Numerated's underwriting capabilities for business lending, improving speed and risk analysis for banks and credit unions with the Fincura capabilities embedded and available to customers in Q1 2022.

HealthEdge Software has completed the acquisition of Wellframe, a digital health management and member engagement platform. The deal adds Wellframe's consumer-facing mobile app and digital care management capabilities to HealthEdge's SaaS suite; new investors including Coatue, HLM Venture Partners, and BlueCross BlueShield Venture Fund joined as part of the transaction.

ServiceTrade, a Durham-based SaaS provider for commercial service contractors, received an $85 million growth investment led by JMI Equity with participation from existing investors Frontier Growth and Bull City Venture Partners. The capital will accelerate product innovation and support ServiceTrade’s growth as it serves more than 800 contractor customers and the technicians who manage critical fire, mechanical, and electrical systems.

Berkshire Partners has made an equity investment in Tango, a Dallas-based provider of cloud-based store lifecycle management and integrated workplace management (IWMS) software. The capital will support Tango's product innovation and accelerate U.S. and international growth while Frontier Growth and Tango management remain significant shareholders.

Ayla Networks, an enterprise IoT platform provider based in Milpitas, California, raised $20 million in a growth equity round led by Arrowroot Capital with participation from existing investors Trinity Power Limited, Voyager Capital and SJF Ventures. The proceeds will be used to accelerate sales and marketing, product innovation, and geographic expansion; Arrowroot's Thomas Oh will join Ayla's board and Cascadia Capital served as Ayla's exclusive financial advisor.

Lightyear Capital led a recapitalization of PracticeTek, joining founding investor Greater Sum Ventures to support the company's next phase of growth. The transaction will fund PracticeTek's continued organic growth, expansion of embedded payments and patient engagement capabilities, and strategic acquisitions to scale its retail healthcare software platform.

NETSTOCK has acquired Demand Works to expand its sales and operations planning and inventory optimization capabilities. The deal combines NETSTOCK's global SaaS inventory planning platform with Demand Works' cloud-based S&OP and finite capacity planning technology to broaden product functionality and accelerate geographic expansion into Western Europe, Australia and other regions.

Graduway announced a merger with AI fundraiser enablement provider Gravyty to create a combined community and enablement software platform serving education, non-profits, and healthcare organizations. The combined business (with offices in London, Boston, Seattle and Tel Aviv) will integrate Graduway's community software and Gravyty's AI fundraising capabilities to scale alumni, mentoring, and fundraising programs.

The Canadian Business Growth Fund (CBGF) made a $10 million minority growth equity investment in Calgary-based Kudos, an employee recognition and people-analytics SaaS platform. The capital will support Kudos' global expansion and accelerate hiring—Kudos expected to double headcount to about 120 employees across Calgary and Canada by the end of 2022.

Funds affiliated with Madison Dearborn Partners have agreed to acquire Zilliant, a cloud-native B2B price optimization and price management software company headquartered in Austin, Texas. The deal (terms undisclosed) is expected to close in Q4 2021, with MDP taking a controlling stake to support Zilliant's growth and product innovation.

MotorK Plc has completed the acquisition of Fidcar SAS, a France-based provider of e-reputation, predictive marketing and AI-driven customer-journey analytics for the automotive retail sector. MotorK will integrate Fidcar's technology into its integrated SaaS platform to expand its AI, data analysis and e-reputation capabilities for automotive manufacturers and dealers across EMEA.

Cognibox has acquired Elite Management SST to strengthen its presence in the Québec market and to integrate Elite's HSE contractor-management platform into Cognibox's product portfolio. The deal will expand Cognibox's service offering for contractor management, worker compliance and training by adding Elite's web-based modules and customer base.

ECI Software Solutions acquired Oslo-based MyProduction Group AS to expand its cloud-based manufacturing and logistics software offerings into Norway and the broader Nordic region. MyProduction will join ECI Europe and ECI plans to invest in product development, go-to-market and customer success to accelerate growth; terms were not disclosed and the deal closed on December 3.