Cloud & SaaS Acquisitions in 2023

Aquiline Capital Partners has made a growth investment in LeaseCrunch LLC, a lease accounting and lease management SaaS provider for CPA firms. The capital will be used to scale LeaseCrunch’s product capabilities, pursue M&A opportunities, and support continued growth; the deal closed in Q4 2023 with Marks Baughan as exclusive sell-side advisor.

GLORY Ltd, through its UK subsidiary Glory Global Solutions (International) Ltd, has agreed to acquire 100% of Flooid, a Coventry‑headquartered provider of cloud‑native unified commerce and retail POS software, from Inflexion Private Equity Partners. The acquisition is intended to expand GLORY’s software annuity revenue and unified commerce capabilities, accelerating Flooid's global reach through GLORY’s existing retail relationships; the deal is subject to shareholder approval and a completed share purchase agreement.

ImageQuix, a Charlesbank Capital Partners portfolio company, has acquired Fotomerchant, an end-to-end workflow and ecommerce software solution for high-volume photography studios. The deal brings Fotomerchant into ImageQuix's suite of studio-focused products to accelerate product integration and deliver a unified, capabilities-rich offering for professional photographers.

ESTELA, a Latin American digital compliance software platform backed by Accel-KKR, has acquired Peruvian electronic invoicing and tax compliance provider TCI. The deal expands ESTELA's presence in Peru and bolsters its e-invoicing and digital compliance capabilities for enterprise and mid-market customers across the region.

IBM agreed to acquire StreamSets and webMethods, Software AG’s Super iPaaS enterprise platforms, for €2.13 billion in cash. The deal strengthens IBM’s watsonx data ingestion and hybrid cloud integration capabilities by adding data ingestion, integration and API management technologies and their recurring-revenue customer bases.

Bluestone Equity Partners has made a growth investment in VideoVerse, the developer of Magnifi, an AI-powered SaaS video editing and highlights platform. The funding will support VideoVerse's global expansion and continued product innovation to serve sports leagues, broadcasters and streaming platforms.

Macquarie Capital Principal Finance is making a strategic investment in Viatel Technology Group to support the company's organic growth and acquisition-driven expansion. Macquarie will join existing shareholders Chirisa, Quay Ventures and management, with Nick Patrick (Macquarie) joining Viatel's board; the transaction is subject to regulatory approvals and expected to close in early 2024.

7GC & Co. Holdings Inc. (a Nasdaq-listed SPAC) completed a business combination with Banzai International, Inc., and Banzai began trading its Class A common stock and warrants on Nasdaq under the tickers BNZI and BNZIW on December 15, 2023. The transaction provides Banzai with public market access to accelerate its strategy of consolidating the fragmented marketing-technology (MarTech) SaaS market.

Linktree has acquired Koji, the app-store platform for the creator economy, to integrate Koji's mini-apps and developer ecosystem into Linktree's link-in-bio product. The acquisition is intended to expand Linktree's creator monetization and engagement capabilities and bring hundreds of Koji apps to Linktree's user base.

Thoma Bravo has completed a majority growth investment in Hypergene, a Malmö-based SaaS provider of corporate performance management and project & portfolio management software. The investment will support Hypergene's product development and European expansion; Monterro and other minority shareholders sold their stakes with Hypergene management remaining as shareholders.

Thoma Bravo has completed a strategic growth investment in BlueMatrix, a cloud-based content creation and distribution platform for investment research providers. The investment (debt financing provided by Golub Capital) will support BlueMatrix’s global growth and continued product innovation while founder and CEO Patricia Horotan remains in her leadership role with a significant ownership stake.

CINC Systems, a Duluth, Georgia–based provider of cloud-based accounting, banking integration and payments software for the community association management industry, has secured a strategic growth investment from Hg. The investment will see Hg join CINC's founder, management team and existing investor Spectrum Equity to accelerate product innovation, go-to-market expansion and continued growth following strong 2023 performance.

Accel-KKR, a technology-focused private equity firm, made a significant capital investment in Ntracts to support product innovation and accelerate go-to-market growth for the healthcare contract lifecycle management provider. The partnership will fund Ntracts' market expansion and product development; Brentwood Capital Advisors acted as exclusive financial advisor to Ntracts.

Nintex has reached a definitive agreement to acquire Skuid, a low-code cloud platform that enables operational leaders to design and deploy business applications without code. The acquisition will combine Skuid’s design-centric low-code capabilities with Nintex’s process intelligence and automation portfolio to deliver integrated app development and workflow automation for enterprise customers; the deal is expected to close in the coming weeks.

Ncontracts, a Gryphon Investors–backed provider of risk, vendor and compliance SaaS, has acquired Quantivate, a governance, risk and compliance (GRC) software provider for banks and credit unions. The add-on expands Ncontracts' SaaS and knowledge-as-a-service offerings, increasing the combined company to roughly 350 employees and a customer base of more than 4,000 financial institutions.

Stayntouch, a cloud-native hotel property management system provider, raised $48 million in a strategic growth equity round led by Sixth Street Growth to accelerate product development, expand payments capabilities, and grow customer acquisition. As part of the investment, Sixth Street Growth partner Michael Bauer will join Stayntouch's board; Stayntouch was acquired by MCR in 2020 and will use the capital to expand its PMS and payments offerings globally.

MPK Equity Partners has made a strategic growth investment in NewlyNamed, a Minneapolis-based tech-enabled platform that streamlines the legal name-change process for individuals. The partnership will provide capital and strategic support to accelerate NewlyNamed's growth and expand its consumer-facing service offerings across the United States.

Brandt Information Services has acquired Itinio Reservation Management Applications and Services to expand its outdoor recreational technology offerings. Itinio, a cloud-based reservations and management suite with relationships across five state agencies and multiple county/municipal customers, will be integrated into Brandt’s reservations platform to strengthen its park and campground reservation capabilities.

Tax Systems, backed by Bowmark Capital, has acquired TaxModel, a Netherlands-based provider of international tax compliance SaaS. The acquisition expands Tax Systems' product suite—adding tax provisioning, transfer pricing and regulatory reporting capabilities—and extends its international footprint across TaxModel's client base of 300+ organisations in 25+ countries.

Formstack, a PSG- and Silversmith-backed workflow automation SaaS provider, has acquired Formsite, a Chicago-area online forms and surveys provider. The acquisition expands Formstack’s data-capture and forms capabilities, giving Formsite customers access to Formstack’s broader workflow automation, document generation, and eSignature tools.

Workleap, the Montreal-based employee experience software provider, has acquired Pingboard, a US-based HR tech SaaS company known for its Org Chart and Employee Directory product used by 2,000 customers. The deal expands Workleap’s product capabilities and U.S. team as the company continues to build a unified ecosystem of workplace tools following a recent $125M CAD investment from CDPQ.

Osano, a Baird Capital portfolio company, has completed the acquisition of WireWheel, an enterprise provider of data privacy solutions. The deal integrates WireWheel's privacy assessment tools into Osano's data privacy SaaS platform to add enterprise-grade assessment, auditing and reporting capabilities; financial terms were not disclosed.

Hudson Hill Capital has made a significant majority investment in MarketTime, a Dallas-based SaaS platform that automates wholesale retail commerce for brands, manufacturers, agencies, and retailers. The partnership will support product feature expansion (including payments capabilities) and go-to-market growth to accelerate customer adoption and GMV on the MarketTime platform.

Paylocity has acquired Trace, a San Francisco–based headcount planning startup, and will integrate Trace’s team of seven into its HCM platform. Financial terms were not disclosed; Paylocity said the acquisition extends its product capabilities to include real-time headcount planning and workforce spend management.

Hashlock, an Australia-based blockchain security and smart contract auditing firm, has acquired StealthTest, an API-based Web3 developer platform that provides private test networks for EVM-compatible chains. The acquisition — advised by Areta — will integrate StealthTest into Hashlock's offering to create a full-stack developer suite for building, testing, auditing, and deploying Web3 projects; terms were not disclosed.

Bazaarvoice has acquired Granify, an AI-driven e-commerce contextualization and conversion optimization platform, to enhance its full-funnel e-commerce and user-generated content (UGC) offering. The deal integrates Granify’s in-session behavioral AI capabilities with Bazaarvoice’s product and UGC data to drive improved on-site personalization and higher conversion rates for brands and retailers.

Resurgens Technology Partners has completed the acquisition of Valant Medical Solutions, a Seattle-based SaaS electronic health record and practice management provider for behavioral health practices, from Gemspring Capital. Terms were not disclosed; Resurgens invested alongside Operating Partner Trey Carter, who will join Valant's board to help accelerate growth and product adoption.

TA Associates has made a strategic investment in Computer Services, Inc. (CSI), joining existing investors Centerbridge Partners and Bridgeport Partners to support CSI’s growth and product expansion. The transaction closed in December 2023 and will help CSI advance its multi-tenant cloud banking platform and expand capabilities for community and regional banks; financial terms were not disclosed.

Tenzing has acquired Webexpenses, a UK-headquartered provider of expense management and accounts payable automation SaaS, from K1 Investment Management. The transaction represents a PE portfolio realization for K1 and a strategic acquisition for Tenzing to expand its presence in finance-focused SaaS solutions.

ECI Partners has invested in ISMS.online, a Brighton-based SaaS Information Security Management System (ISMS) provider, in a deal that provides a full realisation for prior investor Cow Corner. The investment will support international expansion, product development and continued growth of ISMS.online's ISO 27001 and compliance-focused SaaS platform.

One Click LCA, a Helsinki-based life-cycle assessment and sustainability software platform for construction and manufacturing, received a €40 million strategic growth investment from growth equity firm PSG and private equity firm InfraVia. The capital will fund R&D, accelerate enterprise product delivery, support global expansion, and enable M&A to scale the platform's capabilities across carbon, biodiversity and circularity solutions.

HARMAN, a wholly-owned subsidiary of Samsung Electronics, has acquired Roon, the music management, discovery and streaming platform for music enthusiasts. Roon will operate as a standalone HARMAN business, retaining its existing team and continuing to grow its open device ecosystem while leveraging HARMAN's scale and engineering resources to expand product capabilities and reach.

PSG Equity has committed an additional $100 million of growth capital to Sport Alliance, the Hamburg-based provider of cloud-based ERP and membership-management software for gyms and fitness studios. The follow-on investment builds on PSG's initial $65 million 2021 investment and will support Sport Alliance's international expansion and continued product and commercial growth; Sport Alliance now serves over 8,000 facilities, supports 5.2 million members and has roughly 350 employees.

BPEA EQT Mid-Market Growth has agreed to acquire a majority stake in HRBrain, a Tokyo-based HR software provider, from existing shareholders. The founder Hiroki Hori will remain a significant minority shareholder and CEO; the fund will support HRBrain's product development, customer base expansion and further organic and inorganic growth.

Bregal Unternehmerkapital-backed BuildTec Software Group announced a partnership/add-on with Denmark-based E-Komplet A/S, adding the craftsman-focused project management software provider to its construction-software platform. E-Komplet, founded in 2012 and headquartered in Aalborg, supports Danish small and medium trade businesses (electrical, plumbing, carpentry, painting, etc.), and the deal expands BuildTec's capabilities and footprint in the Nordics and trade verticals.

Broadcom Inc. completed its acquisition of VMware, Inc., a leading provider of multi-cloud and virtualization software, in a transaction valued at approximately $61 billion (plus assumed net debt). The deal brings VMware into Broadcom’s software portfolio to expand Broadcom’s infrastructure and cloud software capabilities and rebrand the combined software business under the VMware name.

SplitMetrics has acquired Austrian app-marketing and analytics platform App Radar in a seven-figure, all-cash deal. The acquisition combines SplitMetrics' ad-spend and A/B testing capabilities with App Radar's ASO and automation tools to create an end-to-end, AI-powered app marketing platform while both brands continue to operate separately.

Funds advised by Bregal Unternehmerkapital (BU) are acquiring a majority stake in Swiss cloud and modern workplace provider Netrics Holding AG from Waterland Private Equity. BU will support Netrics' next stage of growth and continuation of its M&A-driven buy-and-build strategy as the company pursues organic and inorganic expansion across Switzerland.

Arlington Capital Partners has completed its acquisition of Exostar, a cloud-based secure business collaboration platform, from Thoma Bravo. Arlington said it will leverage its domain expertise in regulated industries to accelerate Exostar's product development and growth across aerospace & defense, healthcare and financial services.

Janover Inc. (Nasdaq: JNVR) acquired Groundbreaker Technologies, Inc., a profitable SaaS platform that helps commercial real estate professionals raise equity capital and manage investors. The deal adds an equity funding capability to Janover’s loan marketplace, shifting a larger portion of revenue toward predictable subscription income and expanding the company’s fintech product suite.

GigaCloud Technology Inc. (Nasdaq: GCT) has completed the acquisition of 100% equity interest in Apexis, Inc. dba Wondersign for $10.0 million in cash, subject to customary adjustments. Wondersign is a Tampa-based cloud SaaS provider of interactive digital signage and e-catalog management that gives GigaCloud enhanced access to brick-and-mortar retail storefronts and capabilities for an integrated in-store marketplace experience.

Thoma Bravo, via Pineapple German Bidco GmbH, completed a public takeover offer to acquire EQS Group AG for EUR 40.00 per share, valuing the company at approximately EUR 400 million and leading to an expected delisting. The investment will provide EQS with funding for product innovation, capability expansion in compliance/ESG software and capital for potential add-on M&A as Thoma Bravo builds the business as a pan‑European compliance and ESG software platform.

TELEO Capital-backed Sharpen Technologies (SharpenCX) has acquired The Plum Group, Inc. (Plum Voice), a provider of AI-driven voice-based customer interaction technology. The acquisition integrates Plum Voice's IVR, conversational AI and telecom capabilities into Sharpen's cloud contact center platform to strengthen its contact center offerings.

Acquia has acquired Monsido, a web accessibility and website optimization SaaS platform, from CivicPlus and integrated it into Acquia DXP to expand accessibility, SEO, content quality, privacy and performance capabilities. CivicPlus will continue to resell Monsido to its U.S. local government customers, and Monsido team members in the U.S., U.K., Australia and Denmark have joined Acquia.

Apax Digital Funds led a strategic growth investment of more than $100 million into Petvisor, with participation from existing investors Frontier Growth, PeakSpan Capital, and Petvisor’s management team. The funding will accelerate Petvisor’s R&D, product enhancements, and support strategic acquisitions to expand its veterinary and pet services software platform.

Cordance, a Raleigh-based software company that acquires and scales vertically-focused B2B SaaS businesses, has acquired BuildCentrix (BCX), a Vancouver-based MEP construction workflow and collaboration SaaS platform. BuildCentrix will continue to operate under its existing name and leadership while leveraging Cordance's resources to accelerate product and go-to-market growth.

Grafana Labs has acquired Asserts.ai to integrate its out-of-the-box contextual insights and alerting for Prometheus metrics into Grafana Cloud. The purchase strengthens Grafana's application observability capabilities and will be incorporated into Grafana Cloud's Application Observability offering to accelerate root cause analysis and reduce MTTR.

Listo Global, a U.S.-based Employer of Record (EOR) and global HR services provider, has acquired HR tech startup Magellan Ai for an undisclosed amount. The deal brings Magellan Ai's AI-driven HR tools and marketplace into Listo's platform — founder Pierce Brehm joins Listo as VP of Partnerships to lead integration and partnership efforts.

Navigate Wellbeing Solutions, an employee wellbeing technology company based in West Des Moines, partnered with McCarthy Capital in a growth investment to accelerate product development, team expansion, and strategic acquisitions. The partnership provides capital and operational support to expand Navigate's reach—the company reports nearly two million subscribed users.

Boathouse Capital has completed a growth investment in Ontraport, a Santa Barbara–based CRM and marketing automation SaaS provider. The partnership with Ontraport co-founder and CEO Landon Ray will provide capital to expand the company’s sales and product development efforts.