Performant Capital

Chicago-based lower middle-market private equity firm focused on technology-driven companies with recurring revenue, specializing in software, tech-enabled services, and data intelligence.

• Chicago, USA • Est. 2019
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Investment Requirements

Revenue (ARR)
Flexible
Valuation
$1M - $30M
Deal Structure
Flexible
Target Industries
B2B Software Tech Services
Geographic Focus
North America

Company Overview

Performant Capital

What They Buy

  • Target: Technology-driven companies with recurring revenue
  • Size: $1M - $30M recurring revenue
  • Focus: SaaS, tech-enabled services, data intelligence products
  • Structure: Majority and buyout investments
  • Requirements: Proven product-market fit, strong customer retention
  • Path: 20%+ profit margins opportunity
  • Geography: Primarily North America focused

Recent Major Investments

  • OrderPort: Winery and beverage alcohol producer software (2025)
  • EyeMD EMR: Healthcare systems for ophthalmologists
  • SquadUP: Event management platform
  • Bolt On Technology: Technology solutions provider
  • Provider Technology: Healthcare technology through acquisitions

Track Record

  • Founded: 2019 in Chicago, Illinois
  • Leadership: Michael Ciaglia (Founding Partner, serial software entrepreneur)
  • Experience: 50+ years collective investing and operating experience
  • Philosophy: Deep partnership with management teams
  • Approach: Operational expertise and partner network impact
  • Background: Michael Ciaglia had multiple software exits before founding firm

Portfolio Companies

OrderPort
Software for wineries and beverage alcohol producers (2025)
EyeMD EMR
Healthcare systems for ophthalmologists
SquadUP
Event management platform
Bolt On Technology
Technology solutions provider
Revascent
Business process solutions
Design Manager
Design and project management software

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Last updated: October 6, 2025

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