Cloud & SaaS Acquisitions in 2022

One Equity Partners, with co-investment from Hauser Private Equity, agreed to acquire ACI Worldwide’s corporate online banking solutions and launch the business as Dragonfly Financial Technologies. The carve-out creates an independent, API-first digital business banking and cash-management software provider led by CEO Johan Roets, positioning the new company for focused investment and growth in cloud-based banking technology.

FPE Capital LLP has led the first institutional (growth) investment into 15gifts, backing founder Tom Cox and the existing management team to accelerate international expansion and product development. 15gifts is a Brighton-headquartered Customer Experience Management SaaS provider serving telecom and mobile network operators, with over 60 employees and strong traction in the UK, US and Europe.

Vespa Capital has invested in Eserv, an Aberdeen-based provider of AS-TEG, a 3D digital twin SaaS for complex industrial assets. The minority growth investment will partner with founder-CEO Dan Millard and the incumbent management team to support international expansion, augment the team, and further develop the AS-TEG platform.

Resource Innovations, a women-led clean energy transformation firm and portfolio company of BV Investment Partners, has acquired Connecticut-based e-commerce and customer engagement company TechniArt. The add-on expands RI's digital and e-commerce capabilities to help utilities drive adoption of energy-efficient and electrification measures through improved customer engagement and program delivery.

Wellable, a Boston-based employee wellness technology and services provider, has acquired the assets of DailyEndorphin, a corporate wellness challenges company founded in 2009. DailyEndorphin customers and challenge capabilities will be migrated to the Wellable wellness platform to expand Wellable's challenge offerings, content library, and customer base.

Level Equity Management has made a majority investment in TeamDynamix, a Columbus-based provider of ITSM, PPM and iPaaS software, while existing investor K1 Investment Management exited but rolled a material portion of proceeds back into the business and will remain a significant equity holder. The recapitalization is intended to provide growth capital to accelerate product innovation and expand TeamDynamix's market share across industries such as financial services, healthcare and the public sector.

Thomas H. Lee Partners (THL) will make a majority investment in Bynder, acquiring Insight Partners' stake to support Bynder's next phase of product innovation and global growth. Bynder, an Amsterdam-headquartered provider of cloud-native Digital Asset Management (DAM) software with ~500 employees and ~$100m ARR, will leverage THL's SaaS and automation expertise to scale its platform and partner ecosystem.

Anaplan has acquired the applications division of partner Vuealta, including four out-of-the-box supply chain applications (Demand Planning, Supply Planning, Inventory Planning, and S&OP/IBP) and nineteen employees. The acquisition expands Anaplan’s supply chain capabilities and aims to deliver faster time-to-value for customers navigating ongoing supply chain disruption.

VersiTech, a provider of restaurant point-of-sale software and hardware, has acquired Ordyx POS, a cloud-based point-of-sale solution for the restaurant industry. The acquisition brings Ordyx's cloud and mobile POS capabilities into VersiTech's product suite to expand functionality and integrations for restaurant customers and dealers.

Vbrick, an enterprise video platform provider based in Herndon, Virginia, has acquired enterprise content delivery network (eCDN) provider Ramp Holdings, Inc. The deal consolidates eCDN capabilities—combining Ramp's caching/multicast technologies with Vbrick's peer-to-peer and unified streaming platform—to strengthen enterprise video delivery for hybrid and remote work use cases.

Dropbox, Inc. acquired FormSwift, a cloud-based forms and document template provider, for $95 million in cash. The deal (closed December 15, 2022) expands Dropbox's document workflows and agreement-capabilities by integrating FormSwift's template library and self-serve form tools for small businesses and freelancers.

Edison Partners has made a $15 million growth equity investment in K1x, Inc., a Chicago-based provider of AI-powered Schedule K-1 aggregation and packet production SaaS for institutional investors and tax-exempt organizations. The funding will support K1x's commercial scaling, customer success, product roadmap and machine-learning capabilities, and Edison Partners' Jennifer Lee will join K1x's board.

Motorola Solutions has acquired Rave Mobile Safety, a Framingham, Massachusetts–based provider of a cloud-native mass notification and incident management platform. The acquisition expands Motorola Solutions' public safety and enterprise security portfolio by adding Rave's mass notification, panic button and incident coordination capabilities for schools, hospitals, governments and enterprises.

Symphony Technology Group (STG) has entered into and completed a definitive agreement to acquire SAI360, a Chicago‑headquartered cloud risk management and compliance SaaS provider, from BPEA EQT (BPEA Fund VI). The acquisition (terms not disclosed) is intended to accelerate SAI360's product innovation and growth while expanding STG's portfolio in software, data and analytics. The transaction was subject to customary regulatory approvals and closed in 2023 (expected/announced Q2 2023 in press releases).

Tiugo Technologies, a PSG portfolio company, has acquired ButterCMS, a headless CMS provider, to expand its collection of API-first developer platforms. The add-on strengthens Tiugo's content management capabilities and broadens its offerings to digitally native enterprises, mid-market firms and SMBs; financial terms were not disclosed.

TELEO Capital completed a majority control investment in Sharpen Technologies Inc. (SharpenCX), a cloud-native contact center (CCaaS/UCaaS) platform based in Indianapolis. TELEO said it will provide operational resources and capital to accelerate product innovation, expand SharpenCX’s market position, and enhance support and platform capabilities.

3E, a global provider of EHS&S and product compliance solutions, acquired Toxnot, a SaaS platform for product compliance and supply chain sustainability. The acquisition expands 3E's supply chain transparency and sustainability capabilities by integrating Toxnot's digital product passport and supplier data-sharing technology into its compliance suite.

RealTime Software Solutions, a San Antonio–based eClinical software provider, has acquired Complion, a Cleveland-based eRegulatory/eISF software vendor. The deal adds Complion's electronic regulatory capabilities to RealTime's integrated Site Operations Management suite, expanding its offerings to academic medical centers, hospitals, sponsors and CROs.

Buyers Edge Platform acquired RASI (Restaurant Accounting Services, Inc.), adding RASI’s accounting, payroll and managed finance software to Buyers Edge’s back-office and procurement offerings. The deal integrates RASI’s restaurant-focused AP and payroll capabilities into Buyers Edge’s SaaS procurement platform to deliver end-to-end ordering, accounting, payroll and food cost management to restaurant customers.

Growth Street Partners has made a minority growth equity investment in goHappy, a Richmond-based provider of frontline employee communication and engagement SaaS. The capital will be used to expand goHappy's platform and accelerate its market leadership across restaurants, hospitality, retail, senior living, manufacturing and logistics customers.

Silversmith Capital Partners led a majority growth investment in Proven Optics, a Columbus, Ohio-based IT financial management SaaS company founded by William Miller and Ben Perkins. The capital will be used to accelerate product development and expand sales and marketing; Silversmith has joined the company's board.

GTY Technology Holdings Inc., a GI Partners portfolio company, has acquired DemandStar and will merge the business into GTY’s Bonfire eProcurement unit. The deal expands GTY/Bonfire’s public-sector sourcing footprint—together the combined business will serve roughly 1,900 state and local buying agencies and access a network of about 500,000 suppliers—to broaden eProcurement capabilities and supplier outreach for government buyers.

Wolfe, LLC has acquired Give InKind, a Tacoma-based social giving platform, through a wholly-owned subsidiary. The acquisition will allow Give InKind to leverage Wolfe's gift-card fulfillment, card-to-card gifting technology, and marketing capabilities to expand its platform and offer employee-support solutions to Wolfe's enterprise clients. Financial terms were not disclosed.

International private equity firm Cinven, together with the Ontario Teachers’ Pension Plan Board, agreed to acquire Germany-based dogado Group from funds advised by Triton (and related sellers) and combine it with Cinven’s group.ONE platform. dogado is a leading DACH-region cloud hosting and digital marketing provider serving ~380,000 customers and employing roughly 500+ people across offices in Germany, Austria and Switzerland; the deal is positioned as an add-on to expand group.ONE’s hosting and digital services footprint in Europe.

International private equity firm Cinven, alongside Ontario Teachers' Pension Plan Board, has agreed to acquire and combine Sweden-headquartered group.ONE and Germany-headquartered dogado group to create a pan‑European provider of online presence solutions for SMEs. The combined business will offer domains, web and cloud hosting, business software and digital marketing services to a large, recurring customer base across the Nordic, Benelux and DACH regions; financial terms were not disclosed and the transaction is subject to regulatory approvals.

Keywords Studios acquired Helpshift, a San Francisco–based conversational customer service platform, in a deal valued at $75 million. Helpshift will be integrated into Keywords' Player Support business and combined with Keywords' Kantan AI studio to expand multilingual, AI-driven player support and customer engagement capabilities.

NexGen Technologies (operator of NexGen Contact Solutions) acquired Walkabout Workplace, a browser-based remote employee management/virtual office platform, and launched NexGen Virtual to commercialize the technology. The acquisition expands NexGen's capability to manage remote and hybrid workforces and integrates Walkabout Workplace's features (including Microsoft Teams and Cisco Webex integrations) into a self-implementation SaaS offering for BPOs, enterprises and SMBs.

Francisco Partners has agreed to acquire SAP Litmos from SAP, a carve-out intended to relaunch Litmos as an independent, growth-focused company. The transaction, announced in 2022, will allow Francisco Partners to invest in product development, expand the team, and accelerate customer success initiatives; the deal was expected to close in Q4 2022.

London-based healthcare investor GHO Capital Partners has acquired a majority stake in Sapio Sciences, a US-based lab informatics platform providing LIMS, ELN and scientific data management solutions. GHO will support Sapio's international expansion (especially into Europe), operational improvements and growth through M&A to scale the company's SaaS offering for biopharma, CROs and diagnostic labs.

saas.group has acquired Crosstalent, a French SaaS human resources (HR) software vendor that provides modular HCM, recruitment, time & attendance, and learning solutions built on the Salesforce platform. The acquisition expands saas.group's portfolio into the French HR software market and aims to accelerate Crosstalent's growth by leveraging saas.group's technology and operational expertise.

Sentry has acquired Codecov, the code coverage reporting solution, to expand its developer-focused observability platform. The deal integrates Codecov's code-quality insights into Sentry's monitoring tools to help engineering teams identify and remediate issues earlier in the development lifecycle.

Full Harvest, the San Francisco–based B2B produce marketplace, has acquired FarmersWeb, a farm sales and inventory management SaaS provider. The acquisition will integrate FarmersWeb’s inventory, order management and payments software into Full Harvest’s marketplace to accelerate product feature delivery and reduce on-farm food waste.

Cordance has completed the acquisition of FieldConnect, a cloud-based field-service software provider based in Newport Beach, California. Cordance said it will leverage its go-to-market expertise and operational support to accelerate FieldConnect’s product development and expand its market share in the field-service management market.

Mainsail Partners, a growth equity firm, made a growth equity investment in Instinct Science, a veterinary practice management SaaS platform. The capital will be used to accelerate product development and expand services and support for veterinary hospitals; financial terms were not disclosed and the investment closed in the first half of 2022.

AppHub, an ecommerce enablement platform, acquired REVIEWS.io to add reviews, loyalty, survey and UGC capabilities to its merchant software suite. The deal was supported by a $60 million growth investment from Silversmith Capital Partners and expands AppHub’s product offering and global footprint; REVIEWS.io serves ~8,000 customers and will have its founder Callum McKeefery join the AppHub board.

Deel completed its AU$121 million acquisition of APAC-based payroll and HCM provider PayGroup Limited, which has been delisted from the Australian Securities Exchange. The deal expands Deel’s payroll and HCM capabilities and APAC footprint—PayGroup processes roughly AU$12 billion in payroll annually for over 3,000 businesses and was targeting AU$39 million ARR while being EBITDA positive.

Gallant Capital Partners completed a strategic growth investment in Lightning Step Technologies, a Charlotte-based provider of all-in-one enterprise software for the behavioral health industry. The capital will be used to expand Lightning Step's team, accelerate its product roadmap, and support strategic acquisitions while existing management (including CEO Kirk Monroe and Chairman Jamison Monroe) remain material owners.

RedAwning has acquired the business and client base of Lexicon Travel Technologies, a U.S.-based channel manager for vacation rental property managers. The deal brings hundreds of Lexicon clients and thousands of properties onto RedAwning's marketing, distribution and reservations platform and adds Lexicon's team and technology to RedAwning's capabilities.

PTC announced a definitive agreement to acquire ServiceMax, a cloud-native SaaS field service management provider, for approximately $1.46 billion in cash from an entity majority owned by Silver Lake. The acquisition is intended to extend PTC’s closed-loop PLM and digital thread capabilities into downstream enterprise asset management and field service management, and is expected to be accretive to PTC’s SaaS ARR and cash flow.

RF Investment Partners, alongside Level Structured Capital (an affiliate of Level Equity), completed a growth capital co-investment in Blackthorn.io, a Salesforce-native event management and payments software provider. The capital will support Blackthorn’s product development and go-to-market expansion as the company scales bookings and ARR.

Private equity firms Centerbridge Partners and Bridgeport Partners completed an all-cash $1.6 billion acquisition of Computer Services, Inc. (CSI), taking the company private at $58.00 per share and causing its common stock to cease trading on the OTCQX. The deal positions CSI to accelerate investment in cloud, R&D, and expanded fintech/regtech product capabilities to better serve community banks, fintechs and corporate customers.

Adista Group, supported by its investor Keensight Capital, has acquired Cyres, a Tours-based cloud hosting and managed services provider. The deal adds Cyres' Tier III datacenter, DevOps, Microsoft Azure managed services and Big Data capabilities to Adista's multi-cloud and connectivity offering while strengthening its regional presence in France.

Apploi, a New York–based healthcare hiring and HR SaaS platform, has acquired OnCall, a shift management and scheduling platform for healthcare organizations. The acquisition adds scheduling and shift-management capabilities to Apploi’s recruiting, onboarding and credentialing offering, enabling customers to manage hiring and staffing on a single platform.

Payscale, the Seattle-based provider of compensation data, software and services, has acquired Agora Solutions Inc., a provider of dynamic offer communications, total rewards and employee pay portals. The acquisition brings Agora's people-analytics and total-rewards communication capabilities into Payscale's platform to expand its pay-transparency and total-rewards offerings for employers.

HR Acuity has acquired Speakfully, an anonymous workplace reporting and employee-voice platform, to extend its employee relations SaaS offering with anonymous reporting, real-time analytics and secure case intake. The acquisition integrates Speakfully's reporting capabilities into HR Acuity's investigations and case-management platform, expanding HR Acuity's end-to-end employee relations solution.

Ryan, a global tax services and software firm, has acquired The Funding Portal Inc. (Fundingportal), a grants discovery and screening SaaS platform. The deal expands Ryan's government funding and grants capabilities and broadens its client offering across Canada and North America.

ServiceTrade, a Durham-based field service management SaaS provider, has acquired NorthBoundary, a sales and proposal solution for commercial mechanical contractors. The acquisition integrates NorthBoundary’s Proposal Engine into ServiceTrade’s platform to connect selling and service workflows and expand ServiceTrade’s capabilities for mechanical and HVAC contractors.

Growth equity firm Primus Capital Partners led a $100 million financing in Ordergroove to accelerate the subscription commerce company's product development and scale its Relationship Commerce platform. The investment will fund Ordergroove’s expansion of subscription technology and frictionless shopping experiences for retailers and direct-to-consumer brands.

Compass UOL has acquired Avenue Code, a North American software consulting agency founded in San Francisco with over 1,000 technology professionals across the U.S., Canada, Europe and Brazil. The deal is Compass UOL’s sixth acquisition as it builds a single global digital-transformation platform combining specialized engineering companies to expand capabilities and serve Fortune 100 clients across retail, automotive, insurance and other verticals.

SirionLabs has acquired contract automation platform Zendoc and will fold the Zendoc engineering team into its product and R&D organization. The deal establishes a new engineering Center of Excellence in Nice, France to accelerate SirionLabs' AI-driven CLM development and improve UI/UX and post-signature capabilities.