Software Acquisitions in Alabama

Foundation Software, LLC has acquired Vendrix, Inc., a construction-focused financial management platform that provides corporate cards, expense management, AP automation and bill pay. The acquisition expands Foundation Software's construction software suite by adding expense and accounts-payable capabilities to deliver a more complete end-to-end solution for contractors.

M33 Growth has recapitalized O3 Solutions to accelerate growth, enhance client success, and advance product innovation for its Advanced Work Packaging construction project management software. O3 Solutions, founded in 2016, provides a scalable SaaS platform used by owner-operators, EPC firms, and contractors across industrial capital projects.

LXP, LLC completed a recapitalization of Black Creek Integrated Systems Corp., a provider of proprietary public safety software and facility control systems for high-security corrections facilities; the transaction closed on April 9, 2024. Midwest Mezzanine provided subordinated debt and a partial equity investment to support the deal while Third Coast Bank provided senior debt; Brady Hughes will become CEO and founder Ike Newton will transition to the board.

Altair has acquired Research in Flight, the developer of FlightStream — a fast, low-footprint computational fluid dynamics (CFD) solver used heavily in aerospace and defense and increasingly in marine, energy, turbomachinery, and automotive markets. The technology will be integrated into Altair’s HyperWorks platform and made available via Altair Units to expand Altair’s aerodynamic simulation capabilities for customers including aerospace, defense, and advanced mobility sectors.

Lunovus LLC, a physician-owned eyecare software and supplementation company based in Birmingham, Alabama, has acquired Diamond Studios, a 41-year-old software development and media firm. The acquisition strengthens Lunovus' software solution portfolio—including support and further development of the Doc2Home platform—while Diamond Studios will continue operating under its brand with Joe Miele leading daily operations.

Compusoft + 2020, a global provider of software and content solutions for the spaces-for-living industry, has acquired Resource and Financial Management Systems, Inc. (RFMS), a 35+-year provider of ERP, CRM, estimating and payments software for the flooring market. The deal expands Compusoft + 2020's offerings into the North American flooring market and aims to combine product, R&D and go-to-market capabilities while RFMS's leadership team will remain in place.

Icario, a health action platform provider, has acquired ChipRewards, a configurable SaaS incentives and engagement platform for health plans and employers. The acquisition adds self-service configurability and incentive management capabilities to Icario's existing Insight, Connect and Personalization engines and follows CVC Capital Partners' recent majority investment in Icario.

Kofax has acquired PSIGEN Software, Inc., adding PSIGEN's document capture (PSIcapture) and content management (PSIsafe) products to Kofax's Intelligent Automation platform. The acquisition expands Kofax's capture-market leadership, broadens its product portfolio and reseller ecosystem, and gives PSIGEN access to Kofax's global resources and reach.

KKR has agreed to acquire a majority interest in Therapy Brands, a Birmingham-based practice management and EHR software platform for mental, behavioral and rehabilitation healthcare providers. Existing investor PSG will remain a minority shareholder, and sellers include investment funds affiliated with Lightyear Capital, Oak HC/FT and Greater Sum Ventures; financial terms were not disclosed.

Embrace Software Inc. has acquired substantially all assets of AQ2 Technologies, LLC in an asset purchase. AQ2, a provider of transaction automation and check/payment imaging solutions used by banks, government entities, universities and nonprofits, will operate under Embrace with AQ2's COO Justin Orr becoming President and founder Clete Walker remaining in an advisory role.

NXTsoft, a provider of intelligent risk management solutions, has acquired Birmingham, Alabama-based Integrated Legacy Solutions (ILS). The acquisition adds approximately $5 million of annual revenue, brings ILS's data conversion and migration technology into NXTsoft's portfolio, and will enable cross-selling of NXTsoft's compliance, data analytics and cybersecurity offerings to ILS's bank and credit union customers.

Surgical Information Systems (SIS) has acquired SourceMed, a provider of ambulatory surgery center (ASC) software and services, adding SourceMed's AdvantX, Vision and SurgiSource products plus advisory and revenue cycle capabilities to the SIS product suite. The combined organization will operate as Surgical Information Systems and aims to strengthen SIS's ability to serve hospitals, ASCs, and ASC management companies with expanded perioperative IT and revenue cycle offerings.