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

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

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

EQT

Global investment organization with active software and technology acquisition strategy, focusing on vertical SaaS platforms, sustainability software, and enterprise solutions across multiple industries.

Stockholm, Sweden
Founded 1994
Industries B2B Software, Tech Services
Deal structure Flexible

PartnerOne

Enterprise software conglomerate that acquires and grows enterprise software companies for the long term, focused on companies with proven products and predictable revenue models.

Montreal, Canada
Founded 1995
Industries B2B Software
Close time Under 30 days
Deal structure All cash

Resurgent Capital Partners

Lower middle-market private equity firm specializing in distressed, divestitured, and performing companies across SaaS, business services, healthcare, and e-commerce sectors.

Westlake Village, USA
Founded 2017
Industries B2B Software, Tech Services
Deal structure 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

Lead Edge Capital

Growth equity firm with $5 billion in assets under management investing in software, internet, and tech-enabled businesses globally. Backed by a network of 700+ executives.

New York, USA
Founded 2011
Industries B2B Software
Target ~$10M+ ARR
Deal structure Stock + cash, Flexible

Volaris Group

Buy-and-hold acquirer of software businesses focused on long-term success, operating as part of Constellation Software Inc. Provides permanent home for companies with autonomy to operate and access to learning community. Has never sold a business after acquisition.

Mississauga, Canada
Founded 2011
Industries B2B Software
Deal structure All cash

Thoma Bravo

Leading software-focused private equity firm with $181B+ AUM and 40+ year history, exclusively investing in software and technology companies with focus on categorical leadership.

Chicago, USA
Founded 1980
Industries B2B Software, Tech Services
Deal structure All cash

Ideagen

Leading provider of software solutions for regulated and high-compliance industries including EHS, quality management, risk management, audit, and collaboration tools.

Nottingham, UK
Industries B2B Software
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

Topicus.com Inc.

Leading pan-European provider of vertical market software and vertical market platforms to clients in public and private sector markets. Operates and invests in countries across Europe, acquiring, building and managing specialized software companies providing mission-critical solutions.

Amsterdam, Netherlands
Founded 2021
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

Software Combined

Australia-based holding company focused on acquiring profitable B2B industry-specific software businesses with recurring revenue, backed by Navis Capital Partners.

Sydney, Australia
Founded 2020
Industries B2B Software
Deal structure Flexible

EG A/S

Leading Nordic vertical software company providing industry-specific SaaS solutions across healthcare, construction, public administration, and other vertical markets. Serves over 32,000 customers and has over 2,400 employees primarily in Nordic countries.

Kolding, Denmark
Founded 1988
Industries B2B Software

Dura Software

Specialists in acquiring and operating hyperniche software products that fit narrow but mission-critical use cases for business customers. They buy software companies from owners looking for a long-term home and operate them with no intention to sell.

San Antonio, USA
Founded 2018
Industries B2B Software
Target ~$2M - $15M ARR
Close time 60 days
Deal structure All cash

Susquehanna Growth Equity

Growth equity investor backed by entrepreneurs (Susquehanna International Group), providing the most flexible capital for software and information services companies with no fixed time horizons.

Philadelphia, USA
Founded 2006
Industries B2B Software, Tech Services
Target ~$5M - $100M ARR
Deal structure Stock + cash, Flexible

Litera

Global leader in legal technology providing workflow, AI-powered due diligence review, collaboration, and data management solutions. Known as 'The Legal Experience Company' serving over 2.3 million legal professionals.

Chicago, USA
Founded 1994
Industries B2B Software

Saltwater

Holding company founded by former Uber CEO Ryan Graves, focused on acquiring and operating small, profitable technology businesses through a partner equity model with long-term ownership.

Honolulu, USA
Founded 2017
Industries B2B Software, Tech Services
Deal structure Flexible

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

Threecolts

E-commerce software company that acquires and operates tools for businesses selling on marketplaces like Amazon, Walmart, and eBay. Built through 14+ strategic acquisitions since 2021.

United States
Founded 2021
Industries E-commerce & Payments
Deal structure All cash

MRI Software

Leading global provider of real estate software solutions for commercial and residential property management, investment management, and PropTech. The largest real estate software company in the world with 6+ million users.

Solon, USA
Founded 1971
Industries B2B Software

iTrinity

SaaS portfolio operator running fast-growing portfolio of highly profitable businesses. Started with bootstrapping KWFinder in 2014, now operates 8 SaaS products with over 7.5 million users.

Bratislava, Slovakia
Founded 2014
Industries B2B Software
Response time 24 hours
Deal structure All cash

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

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