Software Acquisitions in 2023

IBM entered into a definitive agreement to acquire StreamSets and webMethods, Software AG’s Super iPaaS enterprise technology platforms, for €2.13 billion in cash. The deal is intended to enhance IBM’s watsonx data ingestion capabilities and strengthen its application modernization, integration, and API management offerings for hybrid multi-cloud environments. The transaction is expected to close in the second quarter of 2024, subject to customary conditions and regulatory approvals.

Funds advised by Apax Partners LLP completed the acquisitions of OCS from Charme Capital Partners and Finwave from the Lutech Group. The transactions combine OCS and Finwave into a scaled European financial software platform, with the businesses continuing to operate under their existing brands.

Docker, Inc. acquired AtomicJar, the New York-based company behind the open source project Testcontainers. The deal (a mix of cash and equity) expands Docker’s developer tooling portfolio, adding Testcontainers and related products such as Testcontainers Desktop and Testcontainers Cloud; financial terms were not disclosed.

MercuryGate International, Inc. acquired International Trade Systems (ITS), a SaaS provider of cross-border customs clearance and global trade compliance software. The deal adds ITS’s global trade management capabilities and subject matter experts to MercuryGate’s Smart Transportation (TMS) platform to provide an integrated, end-to-end solution for customs and trade compliance. Financial terms were not disclosed.

Greater Sum Ventures (GSV) announced a majority investment in Utility Associates, Inc., a provider of digital evidence management and video/camera systems for law enforcement and first responders. Existing backer Hicks Holdings LLC will roll over and continue as a minority investor, alongside new minority investor PSG Equity. Proceeds will be used to fund innovation and accelerate Utility’s growth under current CEO Michael Nark.

Marlin Equity Partners completed a growth investment in TRAFiX, a provider of order and execution management software and FIX connectivity solutions for global capital markets. The investment represents TRAFiX’s first institutional capital since its founding in 2013 and is intended to support product development, geographic expansion, and continued investment in talent. Financial terms were not disclosed.

The Riverside Company signed a definitive agreement to sell Energy Exemplar, a simulation software provider for the global power market, to private equity funds affiliated with Blackstone and Vista Equity Partners. Financial terms were not disclosed. Energy Exemplar is headquartered in Australia and serves utilities, power companies, and consultants globally.

LDC, the private equity arm of Lloyds Banking Group, has exited its minority investment in Newcastle-headquartered iamproperty through a sale to Perwyn. The transaction values iamproperty at a 278% increase in enterprise value versus LDC’s entry, with co-founders Ben Ridgway and Jamie Cooke and the management team retaining a majority shareholding.

KPA, a portfolio company of CIVC Partners, acquired ComplyNet, a dealer compliance software provider serving automotive and adjacent dealership segments. The acquisition expands KPA’s capabilities across privacy and safeguards, EHS, and sales F&I and advertising compliance solutions for dealerships.

Prairie Capital VI has sold Netalytics, a provider of electronic medical records and practice management software for substance use disorder clinics, to Netsmart Technologies. Netsmart is backed by GI Partners and TA Associates, and the transaction represents Prairie Capital’s exit from its Netalytics investment.

Peak Technologies, a portfolio company of Sole Source Capital, acquired North Coast Technical. North Coast Technical, headquartered in Chesterland, Ohio, provides machine vision hardware and image processing software and will expand Peak Technologies’ machine vision and AI capabilities.

Deltek has completed its acquisition of Replicon, a provider of unified time tracking and workforce management solutions for project- and service-centric organizations. Replicon will become part of Deltek’s software portfolio, expanding Deltek’s capabilities in time management, HR attendance, and PSA and supporting growth in IT services, consulting, and other professional services markets.

StoreForce, a specialty retail operations software provider backed by Accel-KKR, announced the acquisition of ThinkTime, a retail execution solution provider. The deal expands StoreForce’s suite with ThinkTime’s task management, ticketing, communications, and mobile capabilities to improve store productivity and employee engagement for retailers.

WIN-911, an industrial monitoring, alerting, and notification software provider backed by Capstreet, acquired SyTech, a developer of industrial reporting software (XLReporter). Following the acquisition, WIN-911 and SyTech will operate as a combined entity under the new brand SmartSights. SyTech was founded in 1994 and is based in Franklin, Massachusetts.

Springer Nature has acquired protocols.io, a secure online platform for developing, sharing, and collaborating on reproducible scientific methods. The acquisition will integrate protocols.io into Springer Nature’s expanding Solutions business and strengthen its open research and protocol-sharing offerings.

Practice Better acquired That Clean Life, a Toronto-based nutrition planning software provider for health and wellness professionals. The deal expands Practice Better’s all-in-one practice management platform by adding integrated nutrition planning and healthy eating workflows for practitioners and their clients.

AppHub announced a $95 million strategic growth investment led by PSG, with existing investor Silversmith Capital Partners continuing its partnership. In conjunction with the financing, AppHub acquired Boost, an AI-powered search and discovery application, to expand AppHub’s e-commerce software suite and enhance product discovery capabilities for merchants.

Bigtincan Holdings Limited (ASX:BTH) completed its acquisition of Modus Engagement, Inc. for US$9.5 million, funded from Bigtincan’s existing cash reserves. Modus’ virtual product tour and lead capture technology will be integrated into the Bigtincan sales enablement platform, adding over 100 customer logos and approximately AU$7.5 million in annualized recurring revenue.

Stage Fund, a private equity firm, acquired GetSwift, a provider of last-mile delivery management solutions. The deal adds GetSwift’s delivery management and eCommerce/logistics automation software products to Stage Fund’s portfolio and supports its focus on technology and logistics investments.

Marsh McLennan Agency, a subsidiary of Marsh, acquired Trideo Systems, a provider of risk management information system (RMIS) software for health care organizations. Financial terms were not disclosed. Trideo’s employees, including co-founder Paresh Purohit, will join Marsh McLennan Agency and operate from its Schaumburg, Illinois office.

KEV Group, a provider of K-12 school activity fund management software backed by Serent Capital, acquired InTouch Receipting, a Washington-based receipting and payments solution for schools. The deal expands KEV Group’s scale to a combined 22,000 school customers and broadens its offering to school districts across North America. Financial terms were not disclosed.

JDM Technology Group acquired Mobile-Punch, a Lévis, Quebec-based mobile timesheet, scheduling, and project management application. The deal closed on June 30 following approval from owners Jérôme Guay and Bryan Porter, who will remain in leadership roles as President and Vice President, respectively.

Vogl Ventures acquired eLogger, a software developer of electronic logbook solutions used by electric and water utilities, oil & gas companies, and other industrial operations. The deal provides a succession path and supports the transition toward retirement for one of eLogger’s original owners, while positioning the business for its next phase of growth.

3STEP Sports acquired US Officials to add a referee assignment and development capability to its expanding soccer division. US Officials, founded in 2008, operates a platform and network of 6,000+ soccer officials and partners with more than 50 soccer event operators, strengthening 3STEP’s game-day ecosystem and supporting national expansion.

Blackstone completed the acquisition of Cvent Holding Corp. for $8.50 per share in cash, implying an enterprise value of approximately $4.6 billion. The transaction included a significant minority investment from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and participation from existing stockholder Vista Equity Partners, and Cvent’s shares were delisted from Nasdaq.

Sincere Corporation, parent company of Punchbowl and Memento, announced it has acquired Timehop, a mobile app platform for reliving and organizing personal memories. Timehop is the first acquisition under the Sincere parent entity, and transaction terms were not disclosed.

Nasdaq, Inc. entered into a definitive agreement to acquire Adenza from Thoma Bravo for $10.5 billion in cash and Nasdaq common stock. Adenza provides risk management and regulatory software to financial institutions and was formed from the combination of Calypso and AxiomSL. The transaction is expected to close within six to nine months, subject to regulatory approvals and customary conditions.

Pittco Direct Investments II, LP, the direct investing arm of Pittco Management, LLC, made an equity investment in ShowOps, Inc. ShowOps is headquartered in Jacksonville, Florida and provides end-to-end operational and administrative tools for the live event industry.

TransPerfect Legal Solutions (TLS) announced the acquisition of eDepoze, an electronic exhibit-sharing platform used in remote and in-person depositions and hearings. The deal expands TLS’s deposition services by adding eDepoze’s cloud-based workflow and Zoom-integrated exhibit management capabilities. Financial terms were not disclosed.

Valsoft Corporation Inc., a Montreal-based acquirer and developer of vertical market software businesses, announced the acquisition of Shelton Development Services (SDS). Founded in 1994 and headquartered in Cranleigh, United Kingdom, SDS provides software and related services for housing development and the residential/social housing sector, strengthening Valsoft’s property management vertical in the UK.

Storewise, backed by private equity firm Nexa Equity, acquired MarginMAX to expand its retail automation platform for independent grocers. The deal adds MarginMAX’s cloud-based vendor management and pricing tools for direct store delivery and wholesaler items, enhancing Storewise’s price optimization and operational visibility. Financial terms were not disclosed.

STOPit Solutions acquired PunchAlert, an all-in-one safety communication platform, to expand its emergency management and mass-notification capabilities for schools and communities. PunchAlert’s technology will be integrated into STOPit’s 911-Direct Panic Alert System, and PunchAlert CEO Greg Artzt will join STOPit Solutions as Chief Product Officer to support product integration and development.

OrderMyGear (OMG) announced its acquisition of BrightStores, bringing together two online store technology platforms serving group commerce in the promotional products and team sporting goods markets. Wells Fargo Capital Finance and Accel-KKR Credit Partners provided debt financing to support the transaction, and OMG is backed by Susquehanna Growth Equity.

GeoComply Solutions Inc. has acquired OneComply Inc., a licensing and compliance management platform serving companies in highly regulated markets such as gaming and fintech. The combination expands GeoComply’s compliance and risk offerings by adding OneComply’s centralized licensing automation and ongoing compliance management capabilities. Financial terms were not disclosed.

Dura Software announced it has acquired Oxlo Systems, an automotive retail software provider serving OEMs, car dealerships, and dealer software providers. Oxlo, founded in 2004 and headquartered in Broomfield, Colorado, will join Dura Software’s growing portfolio as its 12th acquisition, expanding Dura’s business-to-business software offerings in the automotive sector.

Lumivero announced it has acquired Tevera, a field experience and assessment management software provider, adding it to Lumivero’s data solutions portfolio. The acquisition strengthens Lumivero’s position in experiential learning and outcomes/assessment management for higher education, alongside its existing field experience software Sonia. Lumivero is backed by TA, a global growth private equity firm.

Tempo Software announced an agreement to acquire Amovos SRO, which operates the Old Street Solutions brand. The deal adds Old Street Solutions’ Custom Charts apps for Jira and Confluence to Tempo’s Atlassian-based product suite, expanding Tempo’s data visualization and reporting capabilities for product development organizations.

Studio Designer acquired Toronto-based DesignDocs, a provider of project financial management and accounting software for interior designers. The combination is intended to expand scale across support, professional services, and product development, strengthening the software platform serving interior design firms.

Ethos Capital LP has acquired Newforma, Inc., a collaboration and project information management software provider for the architecture, engineering, construction, and owners (AECO) industry. Headquartered in Boston, Newforma offers PIM and BIM collaboration solutions and plans to accelerate product development and cloud migration with Ethos’ support.

Prometheus Group announced it has acquired Atonix Digital and launched Prometheus APM (Asset Performance Management) as a new addition to the Prometheus Platform. The acquired AtonixOI solution will be integrated into Prometheus Group’s operations and maintenance platform to expand predictive and prescriptive maintenance capabilities for asset-intensive industries.

Kerridge Commercial Systems (KCS) has acquired Johannesburg-based Palladium Business Solutions and its suite of ERP and business management software products. The deal expands KCS’s presence in Southern Africa and adds Palladium’s customer base and channel partners, creating a combined business serving approximately 13,500 customers and 75,000 users.

eProductivity Software (ePS) acquired UK-based Tharstern Group, a management information system (MIS) software provider for the print and packaging industries. The deal expands ePS' global presence in the SMB print market and adds Tharstern’s technologies and customer base to ePS’ product portfolio.

Reveal, a provider of the AI-powered Reveal 11 eDiscovery platform, acquired LIGL, a cloud-based digital evidence and lifecycle management platform for the legal industry. The acquisition adds LIGL’s SaaS-based legal hold, evidence collection management, and eDiscovery workflow automation capabilities to the Reveal 11 platform.

Momentive (Nasdaq: MNTV), maker of SurveyMonkey, entered into a definitive agreement to be acquired by a consortium led by Symphony Technology Group (STG) in an all-cash transaction valuing the company at approximately $1.5 billion. Momentive shareholders will receive $9.46 per share, and the deal is expected to close in the second or third quarter of 2023 subject to customary approvals. After closing, Momentive will no longer be publicly listed and will continue operating under the Momentive and SurveyMonkey brands.

MadCap Software, backed by Battery Ventures, acquired IXIASOFT to expand its product offerings with an enterprise-class DITA component content management system (CCMS). IXIASOFT becomes a wholly owned subsidiary, strengthening MadCap’s ability to provide end-to-end solutions for developing, delivering, and managing structured technical content for enterprise customers.

Conductor, an enterprise organic marketing (SEO) platform, announced the acquisition of European-based SEO competitor Searchmetrics. The deal strengthens Conductor’s leadership in the SEO market and accelerates its expansion across Europe, leveraging Searchmetrics’ regional presence and customer base. The acquisition follows Conductor’s 2022 purchase of ContentKing and comes after Conductor’s 2021 funding round led by Bregal Sagemount.

Chowly, a Chicago-based restaurant technology company focused on integrating third-party delivery marketplaces with restaurant POS systems, announced its acquisition of Koala, a guest experience and digital ordering platform for restaurants. The combined business will support over 16,000 restaurant locations and integrate more than 350,000 orders per day across the United States, expanding capabilities such as enterprise-grade online ordering, analytics, and machine-learning-driven recommendations.

Funds advised by Apax Digital completed an equity recapitalization of Magaya Corporation alongside existing investor LLR Partners and other shareholders. The investment will support Magaya’s continued organic growth, platform enhancements, and future strategic M&A, with founders and management retaining minority ownership through rollover.

DMI, a portfolio company of OceanSound Partners, has acquired Simplex Mobility, a provider of asset and expense management software for managed mobility programs. The acquisition adds Simplex’s MyServe platform capabilities—such as inventory management, help desk support, and cost optimization—enhancing DMI’s end-to-end managed services offering for commercial and government customers.

Vehlo announced the acquisition of Rapid Recon and Velocity Automotive, two software providers focused on dealership fixed ops and reconditioning-to-retail workflow. The deal expands Vehlo’s Dealership Fixed Ops customer experience suite to cover dealer service operations end-to-end, adding reconditioning workflow automation and digital merchandising capabilities.

Investcorp Technology Partners (ITP) agreed to acquire a majority stake in Zift Channel Solutions Inc. (Zift Solutions), a provider of partner relationship management (PRM) and through-channel marketing automation (TCMA) software. The round, including additional growth funding from ITP, values the transaction at over $70 million, and existing investors Arrowroot, Oxx, SMM, and AshGrove Capital will remain involved.

Quire announced a significant growth investment from SSM Partners to accelerate enhancements to its technical report writing platform. The funding will support increased investment in product innovation, customer service, and market expansion, including continued development of QuireSight analytics capabilities.

Resurgens Technology Partners completed an investment in MCIM by Fulcrum Collaborations, a provider of maintenance, operations, and facility management software for mission-critical facilities. The funding is intended to accelerate product innovation, support expansion into new industry verticals, and help scale the business, with founder Michael Dongieux remaining CEO.

TMA Systems, a US-based provider of CMMS and enterprise asset management software, acquired Prime Technologies, a calibration management software provider. The deal expands TMA’s product suite by integrating Prime’s calibration capabilities with TMA’s WebTMA platform to enhance compliance and equipment calibration workflows for customers across multiple industries.