Repario Acquires Breakwater Solutions

Repario (JLL Partners Portfolio) Acquires Modus eDiscovery from Azalea Capital

April 4, 2023

Legal Services

Repario, a portfolio company of JLL Partners, has acquired Modus eDiscovery, Inc. from Azalea Capital. Modus, headquartered in Cary, North Carolina, provides e-discovery, information governance and data management services to law firms, corporations and government agencies; the Modus leadership team will remain with the business and the deal is positioned to expand Repario’s national presence and service offering.

Breakwater Solutions Acquires Clairvoya

September 14, 2021

Data & Analytics

Breakwater Solutions, a JLL Partners-backed information governance company based in Austin, acquired Clairvoya, a developer of an enterprise-class data lineage and governance solution. The deal was funded by additional capital from private equity firm JLL Partners, and Clairvoya's CEO John Ritter and CTO Phil Richards joined Breakwater's leadership team.

Vertex Acquires Breakwater Forensics, LLC

July 13, 2023

Consulting

The Vertex Companies, a portfolio company of Wind Point Partners, has acquired Breakwater Forensics, LLC, a Chicago-based expert witness and business consulting firm. The deal expands Vertex's forensics and expert testimony capabilities and strengthens its North American professional services bench.

UPSTACK Acquires Breakwater Cloud Advisors

October 9, 2025

Consulting

UPSTACK has acquired Breakwater Cloud Advisors, a Vancouver, Washington–based customer experience (CX) consulting firm, to accelerate and expand its CX + AI practice. Breakwater's founders Brendan Paulin and Andrew Millard (and Business Development Director Star Toups) will join UPSTACK to broaden the company's advisory and execution capabilities across CCaaS, conversational AI, workforce management, analytics and automation for midmarket and enterprise clients.

BRS & Co. Acquires Majority Control of Shearwater Research Inc.

April 30, 2021

Manufacturing

New York-based private equity firm BRS & Co. has acquired majority control of Shearwater Research Inc., a Richmond, British Columbia–headquartered designer and manufacturer of dive computers and rebreather electronics. BRS said it will partner with founders Bruce and Lynn Partridge and Shearwater's senior management to expand the company's reach and accelerate product development and distribution globally.

Potomac Equity Partners Invests in Watermark Solutions

August 21, 2023

IT Services

Potomac Equity Partners, a Washington, D.C.-based private equity firm, announced an investment in and strategic partnership with Watermark Solutions, LLC, a Houston-based provider of ERP business solutions, technology and hosting services. The investment will be used to accelerate Watermark’s growth by expanding its sales and customer service organization, enhancing technology capabilities and broadening its solutions and hosting offerings (including through its Apptrix subsidiary).