Welsh, Carson, Anderson & Stowe Acquires Majority Stake in AIA Contract Documents

True Wind Capital Invests in AIA Contract Documents (ACD)

October 30, 2020

Software

True Wind Capital partnered with the American Institute of Architects (AIA) to invest in AIA Contract Documents (ACD), the construction industry’s leading provider of customizable legal contracts. Audax Private Debt provided unitranche financing to support the transaction, and AIA will continue to play a significant role in ACD’s future while Chris Anderson was named CEO to lead product and growth initiatives.

Welsh, Carson, Anderson & Stowe Acquires Majority Stake in GovernmentCIO

November 2, 2020

IT Services

Welsh, Carson, Anderson & Stowe (WCAS) completed a strategic majority investment in GovernmentCIO, a provider of technology and digital solutions to the federal health IT market. The investment will fund organic growth and support a buy-and-build strategy to expand GovernmentCIO’s capabilities and customer footprint across federal health and adjacent federal IT markets.

Welsh, Carson, Anderson & Stowe Acquires Majority Stake in EquiLend

January 18, 2024

Financial Services

Welsh, Carson, Anderson & Stowe (WCAS) has completed its majority acquisition of EquiLend, a global financial technology, data and analytics provider for the securities finance industry, following regulatory approvals in the U.S., UK and Ireland. Founding shareholders and customers — including Bank of America, BlackRock, Goldman Sachs, Morgan Stanley, National Bank of Canada, State Street and UBS — joined WCAS as owners; WCAS previously committed $200 million to support EquiLend's organic growth and acquisitions.

Welsh, Carson, Anderson & Stowe Invests in Constitution Surgery Alliance

June 16, 2025

Healthcare Services

Welsh, Carson, Anderson & Stowe (WCAS) has made a strategic growth investment in Constitution Surgery Alliance (CSA), an independent developer and operator of ambulatory surgery centers. The investment will provide capital and healthcare scaling expertise to help CSA expand nationally; CSA currently manages 16 facilities across five states and performs over 100,000 procedures annually.

Welsh, Carson, Anderson & Stowe Acquires TrueCommerce from Accel-KKR

November 11, 2020

Cloud & SaaS

Welsh, Carson, Anderson & Stowe (WCAS) has agreed to acquire a majority stake in TrueCommerce, a global provider of trading partner connectivity and integration solutions, from Accel-KKR. WCAS will partner with TrueCommerce management to drive organic growth and pursue a focused acquisition strategy to expand capabilities and enter new customer segments and geographies; Accel-KKR will retain a minority stake post-close.

Welsh, Carson, Anderson & Stowe Acquires Absorb Software from Silversmith Capital Partners

April 20, 2021

Cloud & SaaS

Welsh, Carson, Anderson & Stowe (WCAS) has entered into a definitive agreement to acquire Absorb Software from Silversmith Capital Partners in a transaction that values Absorb at greater than US$500 million. Absorb, a Calgary-based cloud LMS provider serving millions of learners globally, will retain founder/CEO Mike Owens and other management as substantial shareholders; WCAS plans to accelerate organic growth, invest in product innovation and pursue strategic M&A.