Cloud & SaaS Acquisitions in Illinois

iAltA Holdings, a WestCap‑backed private markets infrastructure company, has acquired BridgeFT, a cloud‑native, API‑first wealth infrastructure software provider. The acquisition brings BridgeFT’s data aggregation and analytics capabilities into iAltA’s platform to broaden its wealth data and intelligence infrastructure for financial institutions, fintechs, and RIAs.

Thoma Bravo has closed an investment in Trading Technologies, joining existing investor 7RIDGE in the company's ownership to support the next phase of platform expansion and product innovation. Terms were not disclosed; advisors to the transaction included Houlihan Lokey and Barclays for Trading Technologies and Ardea Partners and Goodwin Procter for Thoma Bravo.

Milestone Partners has made a majority equity investment in Set Forth, LLC ("FORTH"), the developer of the ForthCRM and ForthPay SaaS platform for specialty finance and consumer debt providers. The FORTH management team and co-founders will remain significant equity holders; a credit facility led by Western Alliance Bank (syndicate including Axos Bank, WSFS Bank and Sunflower Bank) supports the transaction and Milestone will help accelerate product development and market expansion.

Syndigo has acquired 1WorldSync to create a combined AI-first Product Experience Management (PXM) business serving brands, retailers and distributors globally. The deal — which brings together Syndigo and 1WorldSync under a PE-backed ownership group including Summit Partners, TJC, L.P., and Battery Ventures — expands Syndigo's network, product capabilities and global footprint.

Frontier Growth has made a strategic growth investment in Albi, a vertical restoration management software platform, to accelerate the company’s product development and expansion within the restoration industry. The funding (announced alongside Albi’s Series B round) will support Albi’s mission to modernize workflows for restoration contractors and scale its mobile-first platform.

Willcrest Partners, a San Francisco–based private investment firm backed by family office capital, has acquired REQUORDIT, a provider of enterprise content management and workflow automation solutions. The deal (the first acquisition into Willcrest Holdco, LLC) will support acceleration of REQUORDIT's CloudOCR and CloudPAYit products and expansion of its technical consulting capabilities for construction, manufacturing, financial services and public sector clients.

Clearwater Analytics completed its acquisition of Enfusion, a SaaS provider for investment managers and hedge funds, in a transaction valued at approximately $1.5 billion. The deal creates the industry’s first unified, single-instance, multi-tenant cloud-native front-to-back investment management platform by combining Enfusion’s front-office capabilities with Clearwater’s middle- and back-office solutions and expands Clearwater’s international footprint.

Red Oak, a compliance and marketing review software provider, has acquired 4U Platform, a content distribution, engagement, and analytics platform for the investment industry. The deal integrates 4U's distribution and engagement capabilities with Red Oak's AI-powered compliance workflows to create a unified Compliance Connectivity Platform for investment companies and wealth managers.

Science Exchange, a life-sciences procurement and supplier management SaaS provider, has acquired HappiLabs, a Chicago-based software and services company that provides Virtual Lab Manager (VLM) procurement support for life sciences organizations. The deal brings HappiLabs' PhD-trained procurement team and lab-sourcing expertise into Science Exchange to deepen procurement capabilities, expand access to specialized lab consumables, and better serve biotech, pharma and SMB life-science customers as part of Science Exchange's growth strategy backed by Waud Capital Partners.

Thoma Bravo announced a strategic growth investment in PCMI, a provider of cloud-based administration software for automotive and consumer finance & insurance (F&I) products. Existing shareholders — including PCMI management, employees and Equality Asset Management — will retain minority positions as Thoma Bravo partners with PCMI to enhance its platform and accelerate global growth.

TA Associates has made a strategic growth investment in Brycer to accelerate the scaling of Brycer's cloud-based inspection, testing and maintenance (ITM) compliance software and services. The partnership will fund technology enhancements, headcount growth, strategic M&A and expanded service offerings across North America; the deal is expected to close in Q1 2025 and financial terms were not disclosed.

CPGIO has acquired ShoppingGives to integrate the latter's commerce-enabled philanthropic platform into CPGIO's e-commerce and CPG technology stack. As part of the deal, ShoppingGives co-founder Ronny Sage joins CPGIO as Senior Vice President of Strategy to lead integration and product growth, expanding CPGIO's capabilities across e-commerce, DTC, and marketplace solutions.

Property Meld, a property maintenance operations platform, has acquired Mezo, an AI software provider that offers an AI virtual maintenance technician for residential work order intake, triage, and mitigation. The deal enhances Property Meld's AI capabilities to improve intake, remediation and data capture for faster, more efficient property maintenance operations.

Fastbreak.ai, an AI-driven sports scheduling SaaS provider headquartered in Charlotte, North Carolina, has acquired Tourney Pro, a tournament management platform for youth sports. The deal brings Tourney Pro founder Ray Glassmann into Fastbreak.ai as General Manager of Youth Products and expands Fastbreak.ai’s capabilities and footprint in the youth sports market.

Confluent, Inc. has acquired WarpStream, a Kafka-compatible BYOC (Bring Your Own Cloud) data streaming platform, to add a BYOC deployment option to its product portfolio. The deal expands Confluent's offerings for high-scale logging, observability, and data lake ingestion workloads and is not expected to have a material impact on Confluent's 2024 financial results.

TravelPerk, the hyper-growth SaaS business travel platform, has acquired Chicago-based AmTrav to deepen its U.S. presence and double its U.S. revenue. The deal is supported by a new $135 million credit facility led by Blackstone Credit & Insurance and Blue Owl Credit, alongside TravelPerk’s recent equity funding, to drive further organic and inorganic growth.

Benchmark Analytics, a Chicago-based SaaS provider of data-driven personnel and risk management solutions for law enforcement, has received a strategic growth investment from PSG Equity. The investment will support product enhancement and expansion of Benchmark’s analytics, early-intervention, and personnel management offerings for public safety agencies across the U.S.

Geoforce, a provider of asset tracking and management solutions, has acquired Temeda, an industrial equipment tracking and vehicle telematics platform provider. The acquisition expands Geoforce's customer footprint, channel partner network and product capabilities—adding telematics, route optimization and fuel-card integrations to its offering.

Netreo acquired CloudMonix, a Chicago-based Microsoft Azure monitoring and automation company, to expand its cloud monitoring and self-healing capabilities. The acquisition adds Azure-focused observability, auto-scaling and automation features to Netreo’s full-stack IT monitoring platform, strengthening its offering for DevOps teams, MSPs and cloud service providers.

BetterCloud has acquired the G2 Track product line from G2 and formed a strategic partnership with G2 to combine SaaS operations and spend intelligence. The acquisition integrates G2 Track’s spend and license management capabilities into BetterCloud’s SaaS Management Platform to give IT and Finance teams unified visibility and automation for managing SaaS costs and usage.

Box, Inc. has acquired Crooze Corporation, a provider of no-code enterprise content management and document automation tools built on the Box platform. Box will integrate Crooze's no-code app builder, metadata capabilities and team into the Box Content Cloud to expand contract lifecycle management, digital asset management and AI-driven metadata capabilities.

Edgewater Equity Partners, a Boston-based private equity firm, has acquired Ascent Technologies, a Chicago-headquartered provider of AI-enabled compliance automation for financial services. The acquisition will support accelerated development of Ascent's regulatory compliance platform and expansion of its AI-driven capabilities for financial institutions.

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.

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.

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.

Origami Risk has acquired Dais Technology, a no-code insurance SaaS platform, to expand Origami’s product creation, rating and storefront capabilities for property & casualty insurers, MGAs and reinsurers. Dais will operate as a subsidiary and continue to be led by co-founders Jason Kolb, Aaron Larson and Milos Dedovic; terms were not disclosed.

Cordance, a Raleigh-based software company that acquires and scales vertically-focused B2B SaaS businesses, has acquired Aldrich Web Solutions, an e-commerce and web development provider for industrial distributors. The deal adds Aldrich's WebAlliance ERP-integrated e-commerce platform and development expertise to Cordance's portfolio to accelerate capability expansion in the industrial distribution vertical.

Chicago-based product content orchestration provider 1WorldSync has acquired PowerReviews, a Chicago-based SaaS provider of user-generated ratings, reviews and related content. The acquisition adds UGC (ratings, reviews, Q&A, images, video) and analytics capabilities to 1WorldSync's suite to help brands and retailers boost e-commerce conversions; terms were not disclosed.

Roper Technologies completed the acquisition of Syntellis Performance Solutions in an all-cash transaction for a net purchase price of $1.25 billion (enterprise value reported at $1.4 billion by sellers). Syntellis, a cloud-based enterprise performance management (EPM) software and data provider serving healthcare, higher education and financial institutions, will be combined with Roper's Strata Decision Technology business to expand product capabilities and market coverage.

StoreForce, a Toronto-based retail operations software provider, has acquired ThinkTime, a Chicago-based retail execution and task-management software vendor. The deal comes after StoreForce received a majority investment from tech-focused private equity firm Accel-KKR, and is intended to expand StoreForce's retail execution, tasking and ticketing capabilities as an add-on to its platform.

Stone-Goff Partners, a growth-oriented private equity firm, has made an investment in BigScoots, a managed WordPress hosting and value-added managed hosting provider. The capital will support BigScoots' product and service development, channel partnerships, team expansion, efficiency improvements and pursuit of complementary M&A as the company scales its 9,000+ customer base.

Marsh McLennan Agency, a subsidiary of Marsh McLennan, has acquired Trideo Systems, an Arlington Heights, Illinois-based provider of a risk management information system (RMIS) for healthcare organizations. Terms were not disclosed; all Trideo employees will join Marsh McLennan Agency and operate out of the Schaumburg, Illinois office as the firm integrates Trideo's RMIS technology and analytics into its healthcare offerings.

Hg has made a majority investment in GTreasury, the Chicago-based treasury, payments, and risk management SaaS provider. GTreasury's management team and former majority owner Mainsail Partners will remain investors; Hg's capital and software operating expertise will support product development and geographic expansion. Terms were not disclosed.

Great Hill Partners has made a strategic growth investment to acquire a majority stake in Fusion Risk Management, a cloud-based operational resilience and risk management software provider. Existing investor Vista Equity Partners will remain a significant minority shareholder alongside Catalyst Investors and Level Equity Management; funds will be used to accelerate product innovation and scale go-to-market capabilities.

Lumiant, a cloud-based advice and client engagement platform, acquired Genivity, the developer of the HALO (Health Analysis & Longevity Optimizer) longevity and health-planning solution for financial advisors. The acquisition integrates Genivity's longevity modeling into Lumiant's platform to enable advisors to deliver more personalized, health-aware financial planning; financial terms were not disclosed.

Bain Capital Tech Opportunities, the tech-focused investment arm of Bain Capital, has made a minority growth investment in iManage to accelerate the enterprise software company’s cloud and AI product development and global growth. iManage will continue to be led by CEO and co-founder Neil Araujo and will use the capital to deepen its product capabilities and expand in its core legal, accounting, and financial services markets.

PSG led a $65 million strategic growth investment in Adeptia, a Chicago-based B2B data integration software company. The capital will be used to accelerate product innovation, customer success and market adoption; Adeptia also appointed PSG Senior Advisor Vance Loiselle as CEO and Paul Moriarity as CRO as part of the new chapter.

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.

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).

Francisco Partners has signed a definitive agreement to acquire bswift, a provider of cloud-based benefits technology and services, from CVS Health. bswift offers enrollment, decision-support and benefits administration software and will continue partnering with CVS Health and Aetna; the transaction is a carve-out expected to close subject to customary conditions.

Neostella, a Milwaukee-based hyperautomation and automation consulting firm, has signed an agreement to acquire Chicago-based Work-Relay, a Salesforce-native Business Process Management (BPM) SaaS platform. The acquisition brings Work-Relay’s workflow automation technology, clients, and personnel into Neostella to expand its end-to-end hyperautomation capabilities and address a larger base of Salesforce customers; the parties expect the deal to close within a few weeks pending customary conditions.

Funds advised by Berkshire Partners will acquire a majority stake in AHEAD from Centerbridge Partners, with Centerbridge retaining a minority interest and AHEAD management continuing to own a significant portion. The deal positions Berkshire to support AHEAD's next phase of growth, expanding its cloud, data, and application services to enterprise customers.

Calgary-based payroll fintech Wagepoint has acquired KinHR (to be rebranded People by Wagepoint) to add HR and people-management capabilities to its small-business payroll and time stack. The deal brings KinHR's ~4,500 users into Wagepoint's platform (which serves more than 20,000 small businesses) to create an integrated payroll, time & HR offering for SMB customers.

Buyers Edge Platform has acquired ArrowStream, a leading foodservice supply chain management SaaS provider, from Tailwind Capital. ArrowStream's cloud platform — which connects thousands of distributors, suppliers and restaurant locations — will operate as a Buyers Edge platform company to expand the buyer's supply chain visibility and analytics capabilities; terms were not disclosed.

Sverica Capital Management made a strategic growth investment in Omeda, a Chicago-based SaaS audience relationship management and customer data platform. The partnership will support Omeda’s product investments, go-to-market expansion, and client experience improvements, with Sverica partners joining Omeda’s board.

PriceLabs received a $30 million minority growth investment from Summit Partners to accelerate product development and global team expansion for its dynamic pricing and revenue management SaaS for the short-term rental industry. The funding will support continued hiring and product enhancements as PriceLabs scales its platform, which serves hundreds of thousands of listings worldwide; Summit Partners' Colin Mistele joined PriceLabs' board.

EverTrue, a donor engagement software platform backed by Rubicon Technology Partners, has acquired Pledgemine, a personalized on‑demand direct mail ordering and segmentation solution for the education sector. The acquisition adds a direct‑mail channel and production/fulfillment capabilities to EverTrue’s multi‑channel donor communication and analytics platform to streamline personalized outreach for higher‑education and nonprofit advancement teams.

InMoment has completed the acquisition of ReviewTrackers, a customer review management software company. The deal integrates ReviewTrackers' review and reputation management capabilities into InMoment's XI platform to expand feedback coverage (solicited and unsolicited) and strengthen analytics and action across the full customer lifecycle.

Lumaverse Technologies, a portfolio company of L Squared Capital Partners and PSG, has acquired ClubExpress, a SaaS provider of association and club management software used by more than 2,000 organizations. 85 Advisors served as exclusive financial advisor to ClubExpress; financial terms were not disclosed. The deal is an add-on for Lumaverse to expand its group-management product suite and membership, event and payment capabilities.

Made4net, a Thompson Street Capital Partners (TSCP) portfolio company, has agreed to acquire Zethcon, a North American provider of Synapse WMS tailored for 3PL and cold-chain operators. The deal combines Zethcon's deep 3PL functionality with Made4net's cloud-based WMS platform to expand capabilities and serve a broader set of mid-market logistics and non-3PL customers; terms were not disclosed.