True Wind Capital

• Welsh, Carson, Anderson & Stowe Acquires Majority Stake in AIA Contract Documents

  July 9, 2025

  Buyer

  Welsh, Carson, Anderson & Stowe (WCAS), The American Institute of Architects (AIA), True Wind Capital

  Target

  AIA Contract Documents

  Seller

  True Wind Capital

  Industry

  Cloud & SaaS

  Location

  District of Columbia, United States

  Type

  Buyout

  Welsh, Carson, Anderson & Stowe (WCAS) has made a majority investment in AIA Contract Documents (ACD), the leading risk-management and contract workflow platform for the architecture, engineering, and construction (AEC) industry. WCAS is partnering with The American Institute of Architects (AIA) and existing investor True Wind Capital, which will remain investors and strategic partners; terms were not disclosed.

• Aldaron Partners and True Wind Capital Acquire DCM Services

  March 17, 2025

  Buyer

  Aldaron Partners, True Wind Capital

  Target

  DCM Services, LLC

  Industry

  Professional Services

  Location

  Minnesota, United States

  Type

  Buyout

  Aldaron Partners and True Wind Capital have partnered to acquire DCM Services, a Minneapolis-area leader in estate and specialty receivables recovery. The private equity-backed partnership will support DCMS's growth and scale its proprietary Probate Finder technology and outsourced account resolution services across financial services, healthcare and other end markets.

• True Wind Capital Acquires 19% Stake in SUNCORPORATION via Tender Offer

  August 19, 2024

  Buyer

  True Wind Capital Management, L.P.

  Target

  SUNCORPORATION

  Industry

  Manufacturing

  Location

  Japan

  Type

  Growth capital

  True Wind Capital Management completed a tender offer to acquire 4,239,500 common shares (approximately 19%) of SUNCORPORATION for JPY 5,500 per share. The San Francisco-based private equity firm said the minority stake establishes a partnership with SUN's leadership to support long-term value creation and build on prior collaboration related to Cellebrite.

• e-Emphasys Technologies Acquires CDK Global Heavy Equipment

  May 1, 2023

  Buyer

  e-Emphasys Technologies Inc., TA Associates, True Wind Capital

  Target

  CDK Global Heavy Equipment

  Seller

  CDK Global

  Industry

  Software

  Location

  North Carolina, United States

  Type

  Addon

  e-Emphasys Technologies has merged with CDK Global Heavy Equipment to form a combined enterprise software leader for the heavy equipment and industrial machinery industry, operating under the e-Emphasys name and headquartered in Cary, North Carolina. The transaction is backed by private equity sponsors TA Associates and True Wind Capital; Jeffrey Hart was named CEO and the combined company has a global employee base of nearly 700 and serves roughly 4,200 dealer rooftops.

• Francisco Partners Acquires IBM's Healthcare Data & Analytics Assets to Launch Merative

  June 30, 2022

  Buyer

  Francisco Partners, True Wind Capital, Sixth Street

  Target

  Merative (healthcare data and analytics assets formerly part of IBM Watson Health)

  Seller

  IBM

  Industry

  Data & Analytics

  Location

  Michigan, United States

  Type

  Buyout

  Francisco Partners completed the acquisition of healthcare data and analytics assets from IBM's Watson Health business and launched the standalone company Merative, headquartered in Ann Arbor, Michigan. True Wind Capital and Sixth Street are investing alongside Francisco Partners; IBM sold the assets as part of the carve-out to enable Merative to pursue organic and inorganic growth across life sciences, providers, payers and government health sectors.

• True Wind Capital Makes Growth Investment in Sterling Capital Brokers

  February 22, 2022

  Buyer

  True Wind Capital

  Target

  Sterling Capital Brokers

  Industry

  Insurance

  Location

  Ontario, Canada

  Type

  Growth capital

  True Wind Capital, a San Francisco-based private equity firm, made a growth investment in Sterling Capital Brokers, a Toronto-headquartered tech-enabled employee benefits consulting and brokerage firm. The undisclosed investment will support Sterling's platform enhancements, accelerate growth initiatives, and enable strategic acquisitions while Sterling's senior management will continue to lead the business.

• True Wind Capital and Elyan Partners Invest in Envoy Global

  January 24, 2022

  Buyer

  True Wind Capital, Elyan Partners, Palladium Equity Partners

  Target

  Envoy Global

  Industry

  Cloud & SaaS

  Location

  Illinois, United States

  Type

  Growth capital

  True Wind Capital and Elyan Partners have made a growth investment in Envoy Global, partnering with existing shareholder Palladium Equity Partners to support the immigration software and services provider's next phase of growth. The new investors will help Envoy scale its technology platform and expand its services internationally, particularly into Europe.

• True Wind Capital Makes Growth Investment in W Energy Software

  January 13, 2022

  Buyer

  True Wind Capital, M33 Growth, LLC

  Target

  W Energy Software

  Industry

  Cloud & SaaS

  Location

  Oklahoma, United States

  Type

  Growth capital

  True Wind Capital completed a strategic growth equity investment in W Energy Software to accelerate the company's expansion into new markets and support product and M&A-led growth. M33 Growth and certain founders and shareholders rolled a meaningful portion of their equity; Mark Hill was appointed CEO as part of a leadership succession plan.

• Bregal Sagemount Makes Significant Equity Investment in Transflo

  December 14, 2021

  Buyer

  Bregal Sagemount, True Wind Capital, Carousel Capital

  Target

  Transflo

  Industry

  Transportation

  Location

  Florida, United States

  Type

  Growth capital

  Bregal Sagemount has made a significant new equity investment in Transflo alongside existing investor True Wind Capital, with Carousel Capital remaining a significant minority investor. The growth investment will support Transflo’s product innovation, payments and automation capabilities, and enable pursuit of strategic acquisitions to expand its position in the transportation technology market; financial terms were not disclosed.

• TA Associates and True Wind Capital Make Strategic Growth Investment in e-Emphasys Technologies

  November 17, 2021

  Buyer

  TA Associates, True Wind Capital

  Target

  e-Emphasys Technologies

  Industry

  Cloud & SaaS

  Location

  North Carolina, United States

  Type

  Growth capital

  TA Associates and True Wind Capital announced a strategic growth investment in e-Emphasys Technologies, a Cary, North Carolina–based provider of cloud-based ERP and dealer management (DMS) software for equipment dealers and rental companies. Financial terms were not disclosed; representatives from both investors will join e-Emphasys' board to support the company's geographic expansion and product growth.

• Nebula Caravel (True Wind) Merges with A Place for Rover to Form Rover Group, Inc.

  July 30, 2021

  Buyer

  Nebula Caravel Acquisition Corp., True Wind Capital Management, L.P.

  Target

  A Place for Rover, Inc. (Rover)

  Industry

  E-Commerce

  Location

  Washington, United States

  Type

  Buyout

  A Place for Rover, Inc. (Rover) entered into a business combination with Nebula Caravel Acquisition Corp., a SPAC sponsored by True Wind Capital, creating the publicly listed Rover Group, Inc. The transaction values the combined company at an enterprise value of approximately $1.35 billion and provides roughly $325 million in gross cash proceeds (including a $50 million private placement) to fund growth, market expansion, and product development.

• True Wind Capital Invests in AIA Contract Documents (ACD)

  October 30, 2020

  Buyer

  True Wind Capital, American Institute of Architects (AIA)

  Target

  AIA Contract Documents

  Industry

  Software

  Location

  District of Columbia, United States

  Type

  Growth capital

  True Wind Capital partnered with the American Institute of Architects (AIA) to invest in AIA Contract Documents (ACD), the construction industry’s leading provider of customizable legal contracts. Audax Private Debt provided unitranche financing to support the transaction, and AIA will continue to play a significant role in ACD’s future while Chris Anderson was named CEO to lead product and growth initiatives.

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