The Carlyle Group Acquires Majority Stake in Calastone

SS&C Technologies Acquires Calastone from Carlyle

October 14, 2025

Financial Services

SS&C Technologies Holdings, Inc. has completed the acquisition of Calastone from global investment firm Carlyle for approximately £766 million (about US$1.03 billion). Calastone’s ~250 employees and global funds-network technology will join SS&C’s Global Investor & Distribution Solutions to strengthen SS&C’s fund operations, transfer agency and distribution capabilities; the deal was funded with cash and debt and is expected to be accretive within 12 months.

The Carlyle Group Acquires Majority Stake in TriNetX

September 21, 2020

Healthcare Services

The Carlyle Group has made a strategic growth investment to acquire a majority stake in TriNetX, a global health research network that provides real-world clinical and claims data and analytics. Carlyle's investment will accelerate TriNetX's development of clinical research capabilities, support global expansion, and fund both organic and inorganic growth opportunities.

Carlyle Acquires Majority Stake in Incubeta

November 16, 2022

Marketing & Advertising

The Carlyle Group, via its Carlyle Europe Technology Partners platform, has agreed to acquire a majority stake in Incubeta, a London-headquartered digital marketing and ad-tech agency. Carlyle will support Incubeta's international growth, investments in proprietary technology and commercial operations, and M&A-led market consolidation; terms were not disclosed.

The Carlyle Group Acquires Acrotec Group from Castik Capital

December 7, 2020

Manufacturing

The Carlyle Group has agreed to acquire the Acrotec Group, a Swiss precision engineering and contract manufacturer, from Castik Capital in a deal expected to close in Q1 2021. Carlyle will partner with Acrotec's management to accelerate growth, expand the company's MedTech capabilities and pursue geographic expansion in Europe and the United States.

StepStone Acquires Appcast

July 1, 2019

Cloud & SaaS

StepStone has acquired a majority stake in Appcast, a U.S.-based programmatic job advertising and recruitment ad tech provider. The acquisition brings Appcast’s Clickcast SaaS platform and programmatic capabilities into StepStone’s global job-board and recruitment technology portfolio, and follows prior investment in Appcast by Baird Capital.

Estancia Capital Partners Invests £108M in Flagstone

March 11, 2024

Financial Services

Estancia Capital Partners has agreed to invest £108 million ($138 million) to take a minority stake in Flagstone, the UK cash deposit/savings fintech platform. The capital — a combination of primary and secondary investments — will be used to accelerate Flagstone’s growth, support market consolidation and international expansion; Estancia will take board seats and the deal is expected to close in Q2 2024 subject to regulatory approvals.