Software Acquisitions in 2019

VendEngine, a Nashville-based cloud FinTech provider for the corrections industry, has acquired Murfreesboro software development firm Sherrod Computers. The cash transaction expands VendEngine's software development capabilities and adds Sherrod's client book across corrections, fintech, healthcare and logistics; Sherrod's founder Chris Sherrod joins VendEngine as CIO. Terms were not disclosed.

LLR Partners has acquired a majority stake in Geoforce and made a growth capital investment to support the company’s expansion. Geoforce is a cloud-based asset-tracking and Track and Trace provider for field equipment and vehicles, serving over 900 customers across energy, construction, mining, agriculture and logistics; LLR will provide industry expertise and capital to accelerate product innovation and market expansion.

Scope AR, an enterprise augmented reality (AR) solutions provider based in San Francisco, has acquired WakingApp, an AR technology company headquartered in Tel Aviv, Israel. The deal brings WakingApp's AR platform and several founding team members into Scope AR to accelerate development of Scope AR's WorkLink knowledge platform and expand product capabilities for enterprise customers.

Accenture has agreed to acquire select employees and professional services assets from Zafin and will become a preferred integrator for Zafin's financial services software platform under a strategic alliance. The deal, intended to strengthen Accenture's integration and development capabilities for financial services clients while allowing Zafin to focus on product innovation, is expected to close in Q1 2019; terms were not disclosed.

IFS has completed the acquisition of 100% of the shares of Astea International, a global field service management software provider headquartered in Horsham, Pennsylvania. The deal expands IFS's field service management capabilities and global footprint; Astea founder Zack Bergreen will serve as Senior Advisor while Marne Martin (IFS) will lead the combined service management business.

LiveVox, the San Francisco-based provider of cloud omnichannel customer engagement and contact center software, has acquired Teckst, a New York–based enterprise messaging platform. The acquisition adds real-time, two-way messaging (SMS, WhatsApp, Facebook Messenger, Viber) capabilities to LiveVox’s U-Series omnichannel engagement suite to expand its digital messaging and omnichannel customer engagement functionality.

Accel-KKR, a technology-focused private equity firm, has acquired InSight Mobile Data, Inc. (IMD), the developer of the StreetEagle fleet and mobile worker management platform. The acquisition is intended to accelerate product development and growth of StreetEagle, with IMD founder John Eller moving to an advisory board role and COO Doug Hawley becoming CEO.

Appliqate Inc. announced the acquisition of Docloc, a secure location-based file-sharing platform, as part of Appliqate’s strategy to expand its technology offerings. The deal adds document security and cloud file-sharing capabilities to Appliqate’s blockchain-focused product suite.

Verisk Analytics has agreed to acquire Flexible Architecture & Simplified Technology, LLC (FAST) from NexPhase Capital (co-managed with Moelis Capital Partners) for $193.5 million. FAST is a New Jersey–based provider of SaaS policy administration, new business and distribution management software for life insurers; NexPhase partnered with FAST in 2015 and helped transition the business to a recurring revenue model.

FPX, the B2B Selling Cloud, has acquired Intelliquip, a specialist CPQ provider for the fluid handling equipment industry, adding more than 70 customers and domain expertise. The deal, supported by FPX majority investor HGGC, expands FPX's purpose-built manufacturing selling solutions and integrates Intelliquip's team into FPX's product and go-to-market.

ServiceTitan, the Los Angeles-based field service management software provider, has acquired WaterSoftWare, a business management software provider for the water treatment industry. The acquisition expands ServiceTitan's vertical coverage into water treatment dealerships by integrating WaterSoftWare's routing, inventory, billing and back-office capabilities into ServiceTitan's platform.

Battery Ventures and Newforma have acquired EleVia Software, a provider of financial and operational software for architecture, engineering, and professional services firms. The deal expands Newforma’s AECO product footprint by adding EleVia’s electronic invoicing, payables, A/R management, forecasting and integration capabilities.

Silverfleet Capital is backing the merger of its portfolio company Microgen Financial Systems with Touchstone Wealth Management to create a leading technology provider to the Trust and Corporate Services market. The combined business will operate under a yet-to-be-announced name, employ more than 150 people across offices in Jersey, Guernsey, Cyprus, Singapore, Australia and the United Kingdom, and will continue to develop Microgen's NavOne and Touchstone's 5Series products.

Siemens has acquired MultiMechanics, the developer of the MultiMech materials modeling and simulation software, from investors including Anzu Partners (and fellow investor Solvay). MultiMechanics will be integrated into Siemens Digital Industries Software and incorporated into the Simcenter offering within Siemens' Xcelerator portfolio to add materials-engineering and digital-twin capabilities.

Acuity Brands, Inc. acquired LocusLabs, Inc., a provider of indoor mapping and location-platform software, to integrate LocusLabs' venue mapping and wayfinding capabilities with Acuity's Atrius IoT and building solutions. The acquisition is intended to enable rapid indoor positioning, wayfinding, asset tracking and analytics for airports, event centers and large multi-floor venues; terms were not disclosed and the deal was not expected to materially affect Acuity Brands' fiscal 2020 results.

Bangalore-based fintech software company Perfios raised approximately USD 50 million in a Series B round led by an affiliate of Warburg Pincus alongside Bessemer Venture Partners. The deal included primary capital and purchases of shares from early angel investors, with proceeds earmarked for technology/product innovation, international expansion (MENA and Southeast Asia) and potential acquisitions.

Vista Equity Partners, via its Perennial permanent capital strategy, has agreed to acquire Accelya, a Barcelona-based provider of financial, commercial and analytics software for the airline and travel industry, from Warburg Pincus. The investment will fund product innovation and long-term growth for Accelya, which serves over 400 clients and employs more than 2,500 people worldwide.

Tennessee-based Titan Cloud Software has acquired JMM Global, a Chicago-area provider of underground storage tank (UST) compliance software and services for the fuel industry. The deal, led by Titan's equity investor M33 Growth, combines two market leaders to expand Titan's compliance and service capabilities and accelerate growth across retail and commercial fuel operators.

Keensight Capital has signed an exclusivity agreement to acquire a majority stake in Sogelink from mid-cap investor Naxicap, with management and employees remaining shareholders. Sogelink is a French provider of vertical software and SaaS solutions for the construction, infrastructure and property management sectors; Keensight plans to support product diversification and international expansion.

BV Investment Partners, a Boston-based middle-market private equity firm, has acquired EDCO Health Information Solutions, a St. Louis–based provider of automated unstructured data indexing software for healthcare providers. BV will partner with EDCO's executive team to expand and enhance the company's Solarity platform, which uses NLP and a patented recognition engine to transform unstructured clinical data for EHR systems.

Global Graphics PLC (Euronext: GLOG) acquired Xitron, LLC, a prepress workflow and RIP software provider headquartered in Ann Arbor, Michigan, for $4.5 million in cash. The acquisition expands Global Graphics’ digital print and industrial inkjet capabilities and complements its Harlequin RIP-based product family and digital front-end offerings.

LDC-backed Eque2 has acquired CLiP IT Solutions (CLiPIT), a provider of integrated construction accounting and job-costing software, as part of its buy-and-build growth strategy. The deal strengthens Eque2's construction software suite and increases its customer base to around 2,300, while bringing CLiPIT's specialist capabilities and technology into Eque2's platform.

The Harris Operating Group of Constellation Software Inc. completed the acquisition of BobCAD CAM Inc., a CAD/CAM software company. BobCAD will operate as an independent business unit within Harris, with its president Larry Pendleton named Executive Vice President for BobCAD.

Swiftcurrent Holdings, an affiliate of ESW Capital, acquired NetPlus Group, a Rockville, Maryland-based provider of telecommunications and mobile expense management software and services. The acquisition (terms not disclosed) will support NetPlus’s continued expansion into government and commercial end markets under ESW’s software-focused operating platform.

SalesLoft, the Atlanta-based sales engagement platform provider, acquired Costello, a provider of opportunity management software that helps sales teams update deals, use guided-selling playbooks, and sync in real time with CRMs. The deal extends SalesLoft’s platform from prospecting into deal management and pipeline collaboration, integrating Costello’s capabilities natively into SalesLoft.

Equistone Partners Europe–backed ChartCo has merged with Canadian navigation solutions provider Marine Press (backed by Champlain Financial Corporation) to create a new global business called OneOcean. The transaction, supported by a refinancing from Pemberton, brings together complementary digital navigation and voyage-compliance capabilities to expand the combined group's product offering and international reach.

ConnectWise announced acquisitions of Continuum and ITBoost, adding Continuum’s AI-enabled RMM, managed security/NOC/SOC and ITBoost’s IT documentation capabilities to its business automation platform. The moves (alongside a partnership with Webinfinity) expand ConnectWise’s product suite for technology solution providers and strengthen managed services, security and documentation capabilities for MSP/TSP customers.

Meredith Corporation acquired Stop, Breathe & Think, a Santa Monica–based mobile mindfulness app, to expand its digital presence and consumer engagement offerings. The acquisition will integrate SBT's personalized mindfulness content and multi-platform distribution into Meredith's Synapse affinity marketing business and broader content network; terms were not disclosed.

Seaport Capital, a New York-based private equity firm, has made a strategic growth investment in Rutherford & Associates to support expansion of its eoStar route-accounting and warehouse management software. As part of the investment, Jim Clishem was named CEO and founder Mike Rutherford will transition to full-time CTO to focus on product development and scaling the business.

Bentley Systems acquired Citilabs, a provider of CUBE transportation simulation and Streetlytics mobility analytics, and Orbit Geospatial Technologies (Orbit GT), a 3D and mobile mapping software provider. The acquisitions expand Bentley's digital cities and mobility digital twin capabilities by combining traffic simulation, mobility analytics, and reality-modeling/mapping technologies with Bentley's engineering and cloud services.

Warburg Pincus has made a minority growth investment in Softeon, a Reston, Virginia-based provider of supply chain and warehouse management software. The investment will fund Softeon’s expansion of sales and marketing, geographic presence, and product innovation; financial terms were not disclosed.

Charlesbank Capital Partners’ Charlesbank Technology Opportunities Fund has acquired WolfePak Software (WP Holdco, LLC) from Fort Point Capital. WolfePak, headquartered in Abilene, Texas, provides ERP, operational and regulatory compliance software to ~1,900 customers in the oil & gas sector; Charlesbank says it will accelerate growth and build on WolfePak’s industry position. Financial terms were not disclosed.

Cority has acquired Axion Health, a provider of ReadySet employee-health SaaS used by over 100 hospital systems. The acquisition expands Cority’s EHSQ software capabilities in employee and occupational health, strengthening its position in the healthcare vertical following Cority’s growth investment from Thoma Bravo.

Volaris Group Inc. has acquired Worldwide Chain Stores (WCS), a UK-based provider of warehouse management and supply chain execution software. WCS will continue to operate under its existing brand and leadership while leveraging Volaris' resources to invest in product development, expand into new geographies and grow its solution portfolio.

Daxko, a provider of technology and payment solutions for member-based health and wellness centers, acquired TennisSource, a Colorado-based provider of tennis facility management software. The acquisition expands Daxko's Club Automation capabilities and strengthens its offering for tennis clubs and sports facilities.

Workfront has acquired Atiim, a strategic goals management startup, to add enterprise goal- and OKR-management capabilities to its work management platform. The acquisition is effective immediately and Workfront plans to launch a new Workfront Goals product in early 2020 to unify goals, work, and key results on a single enterprise platform.

Volaris Group has acquired IndiCater Limited, a UK-based provider of back-office software for the foodservice and hospitality sector. IndiCater will join CaterTrax, a Volaris Group company, as an add-on to strengthen the Foodservice & Hospitality vertical and expand complementary product offerings for contract caterers and multi-site operators.

Thoma Bravo, a software-focused private equity firm, has acquired majority ownership in IDS, a Minneapolis-based provider of asset finance software including InfoLease and IDScloud, from SV Investment Partners. The partnership will accelerate IDS' cloud roadmap, support global growth and position IDS as a platform for industry consolidation.

FM:Systems, a workplace and facilities-management software provider backed by private equity firm Accel-KKR, has acquired Asure Software's Workspace Management portfolio, including room scheduling, hotdesking and sensor hardware/analytics solutions. The transaction, announced in October 2019 and closed December 3, 2019, expands FM:Systems' IWMS and workplace offerings and transfers Asure's workspace product team to FM:Systems.

Vela Software Group, an operating group of Constellation Software Inc., has acquired the MOSAIC Business Unit from Quorum Business Solutions (Quorum Software). The acquisition brings the MOSAIC oil & gas economics, reserves and budgeting software into Vela’s portfolio, with the existing MOSAIC team continuing to develop and support the product from its Calgary and Houston offices.

Moody's Corporation has acquired ABS Suite, a securitization administration software platform, from Deloitte & Touche LLP. The acquisition brings the ABS Suite product and personnel into Moody's Analytics Structured Solutions business to strengthen Moody's structured finance capabilities and client offerings.

Salesforce has agreed to acquire ClickSoftware from Francisco Partners for an enterprise value of $1.4 billion, adding Click's AI-driven field service management and scheduling capabilities to Salesforce's Service Cloud. Francisco Partners, which took Click private in 2015, was advised by Goldman Sachs and Paul Hastings during the transaction.

Epicor Software Corporation acquired 1 EDI Source, a provider of electronic data interchange (EDI) and B2B integration solutions, in a transaction that closed on October 1, 2019. The acquisition expands Epicor’s business services and supply-chain connectivity capabilities by adding 1 EDI Source’s cloud and on‑premise EDI and managed-service offerings; financial terms were not disclosed.

Greatland Corporation, a Grand Rapids–based provider of W-2, 1099 and 1095 reporting solutions, has acquired Bridgewater Township, New Jersey–based JAT Software, a year-end reporting software and print services provider. The acquisition adds roughly 150 enterprise-level customers to Greatland's base and brings all 15 JAT employees into Greatland's organization, expanding its product portfolio and market share in enterprise wage and information reporting.

Upland Software has acquired InGenius, a Computer Telephony Integration (CTI) provider for enterprise contact centers, adding approximately $9 million of annualized revenue. The acquisition expands Upland’s Contact Center Productivity suite by integrating native CTI with its knowledge management and sentiment analysis offerings and is immediately accretive to adjusted EBITDA per share.

Keensight Capital has replaced CAPZA as the majority stakeholder in Geodesial, a French developer and distributor of CAD/CAE software for infrastructure professionals. Keensight plans to support Geodesial's organic growth and execute a buy-and-build strategy to expand the company's international footprint.

Francisco Partners, a technology-focused private equity firm, announced it will acquire Orchard Software Corporation, a developer of laboratory information systems (LIS) used by clinical, pathology and outreach laboratories. The deal will provide Orchard with capital and operational support to accelerate product innovation, expand capabilities (including point-of-care testing integrations), and support leadership transition.

Convenient Payments Holdings LLC, a Beekman Investment Partners III portfolio company, has acquired Mainstreet Computers, a Belleville, Michigan-based provider of cloud-based business software for the auto and flat glass industries. The deal is an add-on to Convenient Payments’ software and payments platform, intended to integrate Mainstreet’s Glas-Avenue product with Convenient Payments’ IntelliPay processing and accelerate growth through shared resources.

Strattam Capital completed a majority investment in MHC Software and concurrently MHC acquired Vanguard Systems to expand its workflow and process automation capabilities. The combined MHC (post-transaction) serves over 1,100 customers (more than two million users) and will integrate Vanguard's mobile, eSign and ID Protect products into its enterprise content automation platform.

Iron Creek Partners, alongside investor SKP Holdings (led by Shashank Patel), completed a recapitalization of Prism Visual Software, a Roslyn, New York-based provider of direct store delivery (DSD) and route accounting software. Shashank Patel joined as CEO and Lorraine Keating will remain as President; the investment is intended to support Prism’s product development, organic growth and potential acquisitions in the DSD software space.