These 82 companies buy scale stage software businesses ($10M+ ARR)

What They Pay

• Typically ~6-12x annual revenue
• Usually $60M-$1B+ deal sizes
• Strategic premium for leaders
• Complex deal structures

What They Look For

• ~$1M+ monthly revenue
• Market leading position
• 95%+ gross revenue retention
• Strong competitive moats
* Estimates based on market data - actual terms vary by company and deal

Horizon Capital

UK private equity firm specializing in buy-and-build strategies for technology services, software, data analytics, and business services companies with up to £100M enterprise value.

London, UK
Founded 2018
Industries B2B Software, Tech Services
Deal structure Flexible

Next Coast Ventures

Austin-based venture capital firm providing early-stage capital to high-growth startups in 'Next Coast' markets between traditional coasts, with thematic research-driven investment approach.

Austin, USA
Founded 2016
Industries B2B Software, Tech Services
Deal structure Flexible

EXA Capital

Strategic operators and investors in growing vertical market software companies. Buy-and-hold forever model focused on preserving founder legacies while enabling growth.

Manchester, USA
Founded 2020
Industries B2B Software

JMI Equity

Growth equity firm focused on investing in leading software companies. Partners with exceptional founders, entrepreneurs, and management teams at high-growth software companies.

Baltimore, USA
Founded 1992
Industries B2B Software
Target ~$40M - $400M ARR
Deal structure Stock + cash, Flexible

VitalHub

Public healthcare software company providing solutions for health and human services providers, focused on patient flow management, EHR systems, and workforce automation.

Toronto, Canada
Founded 2003
Industries B2B Software
Deal structure Cash + earnout

Appfire

Enterprise collaboration software company that acquires Atlassian marketplace apps and B2B workplace tools, with $200M+ ARR and acquisitions every 6-8 weeks.

United States
Founded 2005
Industries B2B Software
Deal structure All cash

Jonas Software

Leading acquirer of mission-critical vertical market software companies with over 20+ years of experience. Buy-and-hold forever acquirer operating on decentralized model, providing businesses with tools and network to grow into successful companies.

Markham, Canada
Founded 2003
Industries B2B Software
Close time 2 months after LOI
Deal structure All cash

Alicorn Venture Partners

European venture capital firm specializing in growth-stage frontier technology companies through secondaries and bespoke primary transactions, with strong focus on Israel and UK markets.

London, UK
Founded 2017
Industries B2B Software
Deal structure Stock + cash, Flexible

Constellation Software Inc.

Leading provider of software and services to select public and private sector markets. Acquires, manages and builds industry-specific software businesses.

Toronto, Canada
Founded 1995
Industries B2B Software
Target ~Up to $700M ARR
Deal structure All cash

WeCommerce

Ecommerce enablement software provider and home to leading applications, themes and agencies powering forward-thinking merchants. Focuses on acquiring and operating companies in the Shopify partner ecosystem.

Victoria, Canada
Founded 2019
Industries E-commerce & Payments
Response time Few days
Deal structure All cash, Flexible

team.blue

Europe's leading digital enabler for entrepreneurs and SMBs. Serial acquirer building comprehensive digital services platform through M&A across 22 countries.

Gent, Belgium
Founded 2019
Industries B2B Software, E-commerce & Payments
Deal structure All cash, Flexible

Cache Ventures

Venture studio that builds, advises, and invests in companies. Focus on acquiring and managing assets across multiple verticals with indefinite time horizon.

Miami, Florida
Founded 2013
Industries E-commerce & Payments, B2B Software

Visma

Europe's leading provider of mission-critical cloud business software including accounting, payroll, invoicing, HR, and ERP solutions for small businesses, medium businesses, and public sector.

Oslo, Norway
Founded 1996
Industries B2B Software
Deal structure All cash

TELEO Capital

Lower middle-market private equity firm targeting enterprise software, healthcare IT, and tech-enabled services with focus on empowering management teams to execute business plans.

Los Angeles, USA
Founded 2015
Industries B2B Software, Tech Services
Deal structure Flexible

Strattam Capital

Private equity firm that invests in founder-led, independent B2B software and technology companies across North America using their Five-Point Plan process.

Austin, USA
Founded 2013
Industries B2B Software, Tech Services
Deal structure Stock + cash

New Mountain Capital

Private equity firm focusing on 'defensive growth' investments in mid-sized companies from economically acyclical industries. Emphasizes business building and growth rather than excessive risk.

New York City, NY
Founded 1999
Industries B2B Software

Vitec Software Group

Leading provider of vertical software solutions that develops and delivers standardized software for various industry niches, growing primarily through acquisitions of well-managed software companies

Umeå, Sweden
Founded 1985
Industries B2B Software

Cuadrilla Capital

Enterprise software investment firm focused on control-oriented SaaS investments, specializing in analytics companies with strong product-market fit and strategic value.

Santa Barbara, USA
Founded 2021
Industries B2B Software
Target ~$8M - $28M ARR
Deal structure All cash

Pantastic Apps

E-commerce platform and acquirer that provides enterprise-grade application tools for independent brands to power their ecommerce operations, including AI-powered personalization, post-purchase offers, and affiliate marketing solutions

Palo Alto, USA
Founded 2020
Industries E-commerce & Payments

WestView Capital

Boston-based private equity firm focused on growth-oriented companies. Partners with exceptional entrepreneurs in minority and majority recapitalizations, growth capital and buyout transactions.

Boston, USA
Founded 2004
Industries B2B Software, Tech Services
Deal structure Stock + cash, Flexible

Tiny Capital

Canadian technology holding company that acquires wonderful businesses for the long term. Focuses on internet and technology businesses with a buy-and-hold strategy.

Victoria, Canada
Founded 2006
Industries E-commerce & Payments, B2B Software
Target ~$1M - $50M ARR
Response time 7 days

Enduring Ventures

Long-term holding company inspired by Berkshire Hathaway that buys exceptional businesses and holds them forever. Founded by Xavier Helgesen and Sieva Kozinsky, focuses on control cash-flow buyers typically acquiring 51%-100% of businesses.

San Francisco, California
Founded 2019
Industries B2B Software
Close time Under 30 days
Deal structure All cash, Flexible

Valsoft Corporation

Acquirers and builders of vertical market software. Specializes in acquiring and developing vertical market software companies with mission-critical solutions.

Montreal, Canada
Founded 2015
Industries B2B Software
Deal structure All cash

ESW Capital

Private equity firm focused on buying, strengthening, and growing mature business software companies. Specializes in distressed situations and acquisitions of established enterprise software companies.

Austin, Texas
Founded 1988
Industries B2B Software
Target ~$5M - $100M ARR
Response time 10 days to LOI
Deal structure All cash

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