Vertical SaaS — sector brief

What I mean by "vertical SaaS"

Software built for a single industry rather than a horizontal function. Legal-tech, dental practice management, vet-tech, K–12 administration, construction punch lists, restaurant POS, niche-fintech, agriculture-tech, non-emergency medical transport, behavioral health EMR, marina management, funeral-home software. The taxonomy is endless. The economics are remarkably similar across them.

Why the $2M–$50M ARR band is interesting

• Below $2M ARR: too small for institutional buyers, founder is the product, often not a real business yet.
• $2M–$10M ARR: the dead zone. Bulge-bracket banks won't touch it, search funds and HoldCos will, niche PE will. Multiples 3–6x ARR.
• $10M–$25M ARR: the sweet spot. Real PE attention. Strategic acquirers start to engage. Multiples 4–8x ARR.
• $25M–$50M ARR: PE auctions become real. Multiples 6–10x ARR if growth is intact, lower if not.
• Above $50M ARR: out of scope. Different game, different advisors.

Sub-verticals to track

Beats add new sub-verticals here as they encounter them. Each entry should get its own sub-section over time with active buyers, recent deals, and typical multiples.

Active sub-verticals

Legal-tech (practice management)

The small-firm segment is consolidating: AffiniPay acquired MyCase, CARET absorbed Amicus Attorney, and PE-backed consolidators are actively buying. Smokeball (Chicago, ~$15-30M ARR estimated, founded 2010, $30M PE funding 2021) is one of the larger independent players remaining in the small-firm segment. First prospects: Actionstep (Auckland NZ / Richmond VA, Serent Capital-backed, see prospects/actionstep.md) and Smokeball (Chicago, PE-backed, see prospects/smokeball.md).

Vet-tech (practice management)

The veterinary PMS market is consolidating fast. IDEXX (public, $40B+ market cap) acquired EzyVet in 2022 and runs Cornerstone and Neo. Patterson Veterinary operates NaVetor (a JV with Cure Partners). Covetrus (now part of Patterson) has Pulse and Avimark. Thrive Pet Healthcare (formerly Pathway Vet Alliance, 400+ locations) acquired Vetspire in April 2021. DaySmart acquired Vetter in 2020. Provet Cloud (Finland, 251-500 employees) serves Europe. The market is projected to reach $899M by 2035 at 7.8% CAGR (Meticulous Research, June 2025). The independents that remain are either too small (1-10 employees), geographically niche, or VC-backed and approaching exit windows. Hippo Manager Software (Lexington KY, founded 2012, $3M-$8M ARR est.) was acquired by Shepherd Veterinary Software on March 1, 2025 (PitchBook) — the latest independent to be absorbed. Shepherd is a YC-backed cloud PMS that acquired Hippo Manager's customer base and sunsetted the legacy product. See prospects/hippo-manager.md.

Construction-tech (project management and accounting)

Construction software is a large vertical with a clear size spectrum. Procore (PCOR, public, ~$1B revenue) dominates the contractor-side PM market. Trimble and Autodesk serve horizontal functions that overlap. Below the giants, the market fragments into niches: construction accounting (ComputerEase, acquired by Deltek/Roper 2019), infrastructure construction (Infotech, acquired by Diversis Capital July 2024), field management (Fieldwire, acquired by Hilti ~$300M), estimating/takeoff, safety/compliance, and owner-side PM. The interesting niches for sub-scale M&A are the ones Procore does not cover well: owner-side project management (for the entity paying for construction, not the contractor), specialty accounting, and infrastructure-specific tools. The construction software market reached $6.80B in 2025 and is projected to hit $14.35B by 2033 (Hedge Think). M&A valuations average 9-11x LTM ARR, a premium over general software at 6.9x (Visimade). Active buyers: Trimble (61 acquisitions, most recent Document Crunch April 2026), Procore (2 BIM acquisitions May 2025), Autodesk, Nemetschek (GoCanvas 2024), Valsoft (Buildsoft December 2024), GrowthCurve Capital (PlanHub September 2025). Prospects: Owner Insite (Austin TX, bootstrapped, founder-led since 2003, see prospects/owner-insite.md) and ProjectTeam (Chantilly VA, bootstrapped, $9.5M ARR, FedRAMP-authorized, see prospects/projectteam.md).

Behavioral-health EHR

The behavioral-health electronic health records market is small enough to know everyone, large enough to interest serious capital, and almost completely consolidated already. Mordor Intelligence sizes it at $1.56B in 2025 and projects $2.74B by 2030 at an 11.87% CAGR (cited in Private Markets Minute). The PE map: SimplePractice (Vista), Valant (Quad-C), Kipu Health (Level Equity), Therapy Brands family — Sigmund / Procentive / TheraNest (KKR), Qualifacts (PE-backed serial consolidator), Netsmart (TPG / GI Partners), Tebra ex-Kareo (Vista), and ICANotes — backed by Sheridan Capital in April 2026 explicitly as a sub-vertical roll-up platform. The independents that remain in the $2M-$50M ARR mandate band can be counted on one hand. The largest unfunded operator I have identified is TherapyNotes (Horsham PA, founded 2010 by Brad Pliner and Dr. Debra Pliner, ~$21M revenue, ~335 employees, 16-year founder tenure) — see prospects/therapynotes.md. Every adjacent buyer either already has a behavioral-health platform or has stated intent to build one; an unfunded $21M-ARR independent in a sector growing at 11.87% CAGR is on the short list of every PE buyer's add-on map.

Funeral-home software

The North American funeral-home software sub-vertical is structurally more consolidated than any other vertical Rivas Will tracks. Tribute Technology (Waunakee WI, founded 2014 by Scott Mindrum and Matt Frazer, 450 employees) holds approximately 70% of US funeral-home customers after a decade of consolidating the category's named independents — Frazer Consultants, Frontrunner Professional, SRS Computing, CFS, FuneralTech, Funeral Innovations, AdPerfect (Feb 2020), MKJ Marketing (2022), and CRäKN (now rebranded as Tribute Management Software, per Tribute's own product page and the Capterra listing — "Formerly referred to as CRaKN, Tribute Management Software is your whiteboard reimagined") (PE Newsletter, Sept 2024; Outcompete Marketing, Oct 2024). Providence Strategic Growth built the platform from 2018 onward; The Carlyle Group (majority) and Vista Equity Partners (minority) acquired Tribute from PSG in late 2020 for over $1 billion at 18–20x EBITDA — the comp ceiling for the sub-vertical. In May 2025, Carlyle installed Craig Greenseid (ex-Carlyle Managing Director and Operating Executive) as CEO (Tribute Technology, May 15, 2025), a late-cycle prep-for-exit signal at year five of a Partners VII hold. With CRäKN absorbed, the meaningful remaining independent in the Rivas Will band at >$2M ARR is effectively one company: Passare (Abilene TX, ~$8M ARR, strategic subsidiary of Directors Investment Group since 2015, see prospects/passare.md). DIG's own 2031 Vision document (2025–2026 update, December 2025) frames DIG as a buyer of preneed insurance marketers and funeral life insurance companies through 2031 — so a Passare carve-out would run against the parent's stated capital-deployment thesis. For any funeral-tech founder in the US or Canada at $2M–$25M ARR considering an exit, Tribute is the default first call and the price-setter — see buyers/tribute-technology.md.

Dental-tech

The general dental PMS market is $2B+ globally (Fortune Business Insights, 2025), dominated by two server-installed incumbents — Dentrix (Henry Schein) and Eaglesoft (Patterson). Cloud-native challengers are taking share: Planet DDS (PE-backed by Aquiline/Level Equity, 10,000+ practices) leads the cloud segment, and Curve Dental (~$22M revenue, Battery Ventures-backed, Brightree exit team reassembled under David Cormack) is the strongest right-size target in general dental PM. Smaller general-market players include DentiMax, tab32, ACE Dental, and CareStack. In Canada, ClearDent (Burnaby BC, bootstrapped since 2002, ~$12M est. ARR, 51-100 employees) is the dominant independent — see prospects/cleardent.md. YAPI ($8.8M revenue) took growth equity from M33 Growth in 2020 and subsequently merged with DoctorLogic (Intrepid). The specialty segment (oral surgery, periodontics, endodontics) has distinct workflows and attracted growth equity in 2024 when Vertica Capital Partners invested in DSN Software, followed by a tuck-in of OMS Billing Solutions in May 2025. VC-backed Archy ($45M+ raised) competes in specialty. The sub-vertical is ripe for consolidation: the cloud migration is halfway done, incumbents need to buy what they cannot build fast enough, and PE roll-ups are logical. Prospects: Curve Dental (Provo UT, Battery Ventures-backed, see prospects/curve-dental.md), DSN Software (Centralia WA, Vertica Capital-backed, see prospects/dsn-software.md), and ClearDent (Burnaby BC, bootstrapped, see prospects/cleardent.md).

Trucking-tech (transportation management software)

The North American TMS market splits cleanly into three tiers. The enterprise tier — Trimble Transportation (TMW Systems, ALK, Profit Tools), McLeod Software, Aljex (Sage), and Truckstop's ITS Dispatch — serves large carriers and 3PLs. The mid-market tier is where the active strategic and PE deal flow concentrated in 2020–2026: Envase Technologies (Firmament Group-backed) acquired Tailwind Transportation Software (Vancouver BC) in October 2020 (FreightWaves), Trimble acquired Document Crunch in April 2026, and Valsoft Corporation closed its all-cash take-private of Quorum Information Technologies (Calgary AB, ~$60M / $0.80 per share) on 10 December 2025. The bootstrapped tier is what remains: small-to-mid-market TMS independents serving freight haulers, freight brokers, and specialty carriers (oilfield, dump/aggregate, bulk). The largest visible bootstrapped Western-Canadian independent in the band is Axon Software (Saskatoon SK, founded 1982 by Ken Sparrow and Andrew McKinlay, ~$8.6M revenue, 76 employees, both founders still listed in 2026 — see prospects/axon-software.md). The active acquirer logic in 2026 is sponsored by Arcadea Group's 9 April 2026 acquisition of JAIX (Australian transport ERP, founded 1985, founder Heather Thornton retiring after 40+ years), explicitly framed as Arcadea's sixth transportation-vertical investment (BusinessWire). Lumine Group's $258.4M February 2026 take-private of Synchronoss demonstrated CSU-family deal-team capacity to absorb 500-employee public-company carve-outs in transportation-adjacent comms software.

Active buyer themes

What categories of buyers are most active in vertical SaaS this quarter? Beats update this monthly.

• Constellation Software (holdco) — Still the highest-volume acquirer of sub-scale vertical SaaS. Historically six operating groups (Volaris, Jonas, Perseus, Harris, Topicus, TSS); CSU's own April 14, 2026 press release also references Vela Software as an operating group. FY2025 revenue $11,623M (+15%), FY2025 total acquisition consideration $1,579M, and — the number that matters for a founder reading CSU in April 2026 — $802M in total acquisition commitments entered into after 31 December 2025 ($707M cash on closing + $95M estimated deferred) per the Q4 2025 GlobeNewswire release. In leadership transition: Mark Leonard's term as director ends at the 15 May 2026 AGM; Q1 2026 results are released after TSX close on 12 May, with Mark Miller's first earnings call as President at 8:00 a.m. ET on 13 May (CSU 15 April 2026 call announcement). That three-day window compresses more information about post-Leonard Constellation than any other week this year. Deal pace has not slowed going into the transition — Juniper Group (Vela) signed a majority stake in DerbySoft (global hotel distribution / travel commerce) on April 14, 2026, the first CSU-family deal announced after the March 27, 2026 succession news. See buyers/constellation-software.md.
• Topicus.com (holdco) — The European half of the Constellation family, separately listed on TSXV (TOI) since 2021. Pan-European public-sector / healthcare / legal / fintech-niche / education software buyer. Independent post-Leonard governance. See buyers/topicus.md.
• Lumine Group (holdco, TSXV: LMN) — Third separately-listed Constellation family vehicle, focused on communications and media vertical software. 26 acquisitions since the 2023 spin-out (Tracxn, Feb 2026). Publishes a hard filter on its own site: target must be #1 or #2 share inside a defined comms/media niche. Closed its largest public-company take-private to date (Synchronoss Technologies, $258.4M EV) on February 13, 2026 — the first major Constellation-family close of the post-Leonard era. Most Lumine deals are far smaller and fall inside the Rivas Will band. See buyers/lumine-group.md.
• Arcadea Group (holdco, permanent capital) — Toronto- and Orlando-based permanent-capital vehicle founded 2021 by two ex-Constellation directors. Targets $1–20M ARR bootstrapped VSaaS across North America, Europe, Australia, and New Zealand. Total permanent capital ~$500M USD. Notable for building vertical roll-up platforms inside sub-verticals, not just acquiring standalone companies: Vellox Group (aviation ops software, 5 companies merged) is the clearest example. After the 9 April 2026 JAIX acquisition — Arcadea's own LinkedIn framing calls JAIX the firm's sixth transportation-vertical investment — transportation is now the second-largest cluster after aviation. Confirmed sub-verticals also include ag-tech, rail, healthcare (including WMI in Divinópolis, Brazil, LIMS, Aug 2025), food-and-beverage, public safety (CIS, Jan 2025), and SaaS lending (SPARK, Jun 2023). European deployment confirmed (ADSoftware, France, Aug 2025). See buyers/arcadea-group.md.
• Vista Equity Partners (PE) — The largest software-only PE firm globally, $100B+ AUM. Operates four equity strategies: Flagship (large-cap take-privates), Foundation ($8B+ deployed, mid-market), Endeavor ($2B+ AUM, targets $10-30M ARR at $30-100M purchase price, led by Rachel Arnold and Rene Stewart), and Perennial (permanent capital). Vista Credit is raising a $250M fund to buy beaten-down software company debt (Bloomberg, 2026-04-10). Portfolio includes 90+ companies, many vertical SaaS (Aderant, Mitratech, SimplePractice, Tribute Technology, ESO Solutions, Greenway Health). The Endeavor Fund is the most relevant to the Rivas Will mandate; recent Endeavor deals include Gnosis Freight (Sept 2024) and AKUVO (Sept 2025). See buyers/vista-equity-partners.md.
• Valsoft Corporation (holdco, permanent capital) — Montreal-based serial acquirer, the second-largest Constellation-style holdco in vertical software. Founded 2015 by Sam Youssef and Steph Manos. 115 acquisitions per Tracxn as of April 2026, 130+ portfolio companies, $750M+ revenue, ~3,000 employees. Seven operating groups (Aspire — CEO Michael Assi, also Valsoft COO; Lighthouse, Helios, Fluent — Managing Partner Chris Malouf; TAG, Manos, Edelweiss) independently source deals. Targets $3M-$100M revenue, all-cash, permanent hold, 1x-10x ARR multiples. Most active strategic SaaS buyer for 2024 and 2025 per Software Equity Group. Active in dental (Progitek/Dentitek), construction (Buildsoft, Progression), healthcare IT, hospitality (Jazzware Jan 2026), automotive (Quorum closed 10 Dec 2025 at ~$60M / $0.80 per share), education, public safety, retail (NedFox/RetailVista, Netherlands, 2 April 2026), publishing (Klopotek, Aspire's first publishing-vertical company), and as of April 2026 association management (Chamber Nation + MemberLeap, both 7 April 2026 via Lighthouse — same-day platform build) and Australian workforce-benefits / FBT-compliance software (Eziway, 14 April 2026 via Fluent — Fluent's first Australian deal). IPO planned at $1B revenue. See buyers/valsoft.md.
• Quadshift (holdco) — Toronto-based early-stage Canadian holdco, founded 2017 by John Paterson (CFA, Ivey Business School, ex-Sun Life). Targets profitable B2B subscription software at $500K-$10M revenue in regulated and essential industries — the upper end overlaps with the Rivas Will mandate floor. Sixteen acquisitions across five platforms (chemical compliance, waste/recycling, marketing communication, healthcare, agriculture) as of April 2026 — seven of those sixteen closed by VP Corporate Development Liam Jackson since he joined in 2024. Backed by BDC Growth Equity Partners (C$23M initial Feb 2025, undisclosed follow-on April 2026) and Celtic House Venture Partners. Permanent hold, centralized AI/operations resources. Paterson now publicly frames the platform around a "coherent, fast-moving AI strategy" as use-of-proceeds for the BDC follow-on — founders evaluating an inbound should price in centralised AI roadmap leadership post-acquisition. Much smaller than Constellation, Arcadea, or Valsoft today, but accelerating and worth tracking for Canadian founders in the $2M-$10M ARR band. See buyers/quadshift.md.
• Thompson Street Capital Partners (PE) — St. Louis-based middle-market PE firm, founded 2000. $4.5B+ AUM, 250+ acquisitions historically (BusinessWire, March 2026). Fund VI closed at $1.5B+, writing $50–$250M equity checks into $5–$50M EBITDA companies (TSCP press release). Software is one of three declared sectors alongside life sciences/healthcare and business services. Software portfolio includes Karpel Solutions (prosecutor case management, announced 24 March 2026 — vertical government-tech), Silverchair + ScholarOne (scholarly publishing infrastructure, Silverchair closed ScholarOne carve-out from Clarivate in Q4 2024), Gurobi Optimization (held in continuation vehicle since September 2024), MediaRadar (advertising intelligence), and ATIS (elevator/escalator safety inspection software). ATIS runs a visible tuck-in programme — Bayline Lift Technologies (December 2025), Soberman Engineering (March 2026), Vinspec (Alberta, March 2026). 16 April 2026: TSCP exited Data Dimensions (Janesville WI, EDI clearinghouse for healthcare/insurance/government markets) to One Call — a 7-year hold (entered 2019), terms undisclosed, the firm's first cited 2026 software exit. Data Dimensions ran its own tuck-in programme under TSCP (WorkCompEDI, Providerflow), confirming that the ATIS buy-and-build model plays across sectors. The add-on cadence is where Rivas Will prospects land; the platform deals sit at the top of the band. See buyers/thompson-street-capital-partners.md.
• Main Capital Partners (PE, The Hague) — Software-only European PE firm founded 2003 by Charly Zwemstra (ex-AlpInvest tech practice founder). ~€7B AUM as of March 2026, on a publicly stated trajectory to €15B AUM in three years driven by US LP demand (PE Insights, August 2025). Two-fund platform closed simultaneously at hard caps in April 2024: Main Capital VIII (€1.9B flagship) and Main Foundation II (€500M, €5–150M equity checks into profitable small-to-medium software companies) — combined €2.44B six-month fundraise (PE News, April 2024). The €5M Foundation II floor is the lowest of any European software PE firm on this roster — Main is in the room at $2–5M ARR, below where Oakley Origin II or Thoma Bravo Explore engage. 45+ portfolio companies employing 12,000+, ~90 employees across The Hague / Düsseldorf / Stockholm / Antwerp / Paris / Boston, with a London office opening in 2026. Q1 2026 deployment cadence: three platform deals in ten weeks — IQ Messenger (Dutch healthcare critical-communication carve-out from AnywhereNow, 6 January 2026), Good Solutions (Swedish manufacturing production-monitoring SaaS, 4 March 2026; Main's 41st software transaction and 5th in Sweden per Mergr), gingco Systems (German proptech/contech workplace software, March 2026) — plus a TMA tuck-in (BrainsFirst, 10 March 2026, Dutch neuroscience-based cognitive assessment; TMA's fourth add-on since Main's December 2024 investment). Prior platform book includes Aritma (Norwegian fintech, 2026), PRIM'X (French defense/government encryption, June 2025; second France platform after Paris office), Avinty (Dutch healthcare IT, 2025), Voquz Labs (SAP license management, signed March 2025 — seventh platform for Foundation II). Two continuation funds closed in 2025 (€520M multi-asset and €300M single-asset for xxllnc) signal LP trust to hold winners past standard fund life. See buyers/main-capital-partners.md.
• Oakley Capital (PE, London) — First European-headquartered buyer added to the roster (April 2026). Founded 2002 by Peter Dubens, ~€16B group AUM, offices in London / Munich / Milan / Madrid. Two-fund platform: Fund VI (€4.5B hard cap, March 2025, 58% larger than Fund V's €2.85B) for mid-market deals, and Origin Fund II (€750M hard cap 2023, EV ceiling €200M, successor to Origin I at €455M) — Origin II is the Rivas Will–band vehicle. Fund VI has now deployed three dated 2025-2026 investments: Brevo (Paris customer-engagement SaaS, >€200M ARR, €500M co-control round with General Atlantic, closed 4 December 2025, ~€1bn EV); GLAS (institutional debt-administration and bond-trustee services, majority stake from Levine Leichtman, La Caisse minority co-investor, announced 5 January 2026, £1bn+ reported EV, Fund VI indirect contribution up to ~£55M); and James Perse (LA luxury/consumer, December 2025, outside VSaaS mandate). Origin II's most recent vertical-SaaS deal is Groupe Senef (French cloud vertical software for people-intensive services, 17 March 2026); earlier Origin I deployments include Alerce (Spanish transport/logistics SaaS for the LTL market, October 2023) and the vLex exit to Clio at $1B, June 2025. Fund VI / Origin II EV-band separation has held — no Fund VI deal below ~€500M EV yet, no Origin II deal above. 3 March 2026 promotion round added four investment Partners (Celli in Milan; Synetos, von Andrian, Mutsaers in London). 2025 LP distributions €640M; 3.9x gross money multiple and 52% gross IRR on realised investments. See buyers/oakley-capital.md.
• Tribute Technology (strategic, Carlyle majority + Vista minority since late 2020) — Strategic acquirer in the funeral-home software sub-vertical. HQ Waunakee WI, founded 2014 by Scott Mindrum and Matt Frazer, 450 employees as of May 2025. Holds approximately 70% of US funeral-home customers after consolidating Frazer Consultants, Frontrunner, SRS Computing, CFS, FuneralTech, Funeral Innovations, AdPerfect (Feb 2020), and MKJ Marketing (2022). PSG sold the platform to The Carlyle Group (majority) and Vista Equity Partners (minority) in late 2020 for over $1 billion at 18–20x EBITDA (PE Newsletter, Sept 2024). In May 2025, Carlyle installed Craig Greenseid (ex-Carlyle Managing Director and Operating Executive) as CEO — late-cycle prep-for-exit signal. Any remaining funeral-tech independent in the US or Canada is on Tribute's plausible add-on map. See buyers/tribute-technology.md.
• Thoma Bravo (PE) — The world's largest software-focused private equity firm, $181B+ AUM as of September 2025 (Thoma Bravo, Sept 2025). Three buyout platforms run in parallel — Fund XVI ($24.3B flagship, closed June 2025), Discover Fund V ($8.1B middle-market, closed June 2025 at 30% above its predecessor), and the Explore platform (lower middle-market). Together, they make control investments in software "up to $12 billion of enterprise value, all the way down to about $100 million of enterprise value" (Carl Press, The Deal podcast). That $100M EV floor is the number that matters: Thoma Bravo only enters the Rivas Will band at the top ($20M+ ARR), not the bottom. A founder at $10M ARR will see Vista Endeavor, Constellation, Topicus, Arcadea, and Valsoft in the room — not Thoma Bravo. Recent deals relevant to the sector: Olo ($2B all-cash take-private, Sept 2025), Verint Systems ($2B, Sept 2025, merged with existing portfolio company Calabrio), Darktrace ($5.3B, 2024), and the 13 April 2026 sale of HCSS to Nemetschek at $2.4B / 20x 2025 EBITDA — Thoma Bravo's first cited vertical-software exit multiple of 2026, structured as a stock-swap with Thoma Bravo retaining ~28% of an enlarged Build & Construct segment. On 15 April 2026 Thoma Bravo also announced a strategic AI partnership with Google Cloud covering the full 75+ enterprise-software portfolio — seven cybersecurity names generating ~$8B revenue in the first wave. See buyers/thoma-bravo.md.

Recent disclosed transactions

Acquired company → acquirer, date, disclosed multiple if any, source URL. Beats append to this list.

• GLAS (Global Loan Agency Services; institutional debt-administration and bond-trustee services for the private-credit market; London HQ; services >$750B across its global platform; 40% organic revenue growth per primary release) ← Oakley Capital Fund VI (majority) + La Caisse (minority); Levine Leichtman Capital Partners sold majority but retains minority. Announced 2026-01-05, £1bn / $1.35bn reported enterprise value per Sky News / Reuters. OCI indirect Fund VI contribution up to ~£55M per LSE RNS. Not vertical SaaS — tech-enabled services infrastructure — but cited here as an Oakley Fund VI deployment milestone. Source
• IQ Messenger (vendor-neutral critical-communication SaaS for healthcare: hospitals, elderly/disabled/youth care; ~50 employees, ~230 healthcare organisations across Benelux, 160+-system integration footprint) → Main Capital Partners (Main Capital VIII & Main Foundation II), announced 2026-01-06, signing 13 January 2026, subject to works-council consultation with Anywhere365 Group. Carve-out from Anywhere365 Group B.V. ("AnywhereNow"), which refocuses on its core customer-experience SaaS. Sjoerd Aarts (Main MP) and Erik van Arkel (IQM CEO) quoted in the primary release. No multiple disclosed. First cited 2026 Main platform deal. Source
• Good Solutions (Swedish manufacturing production-monitoring software; RS Production platform covering OEE, downtime analysis, production optimisation, and energy measurement; 280+ manufacturing plants across food & beverage, pharmaceuticals and automotive; majority revenues Nordic; CEO Mikael Persson) → Main Capital Partners (Main Capital VIII & Main Foundation II), announced 2026-03-04, no multiple disclosed. Main's 41st software transaction and 5th in Sweden per Mergr. Source
• BrainsFirst (Amsterdam; neuroscience-based, game-powered cognitive assessment software; healthcare, government, sports and business use cases) → TMA / Main Capital Partners (Main Capital VIII & Main Foundation II), announced 2026-03-10, no multiple disclosed. TMA's fourth tuck-in since Main's December 2024 platform investment (HMG 2025, DecisionWise 2025, STYR 2026, BrainsFirst 2026). Charly Zwemstra, Glenn Frijde (TMA), Andries van der Leij (BrainsFirst) and Dr. Ilja Sligte (BrainsFirst) quoted in the primary release. Source
• Data Dimensions, LLC (EDI clearinghouse and technology services for healthcare, insurance, and government end markets; Janesville WI; founded 1982; under TSCP added WorkCompEDI and Providerflow tuck-ins) → One Call (Jacksonville FL, technology-enabled care coordination and workflow intelligence for the workers' compensation market), announced 2026-04-16, close completed 2026-04-15 per One Call's own release, terms not disclosed. TSCP initially partnered with Data Dimensions in 2019 — 7-year hold. J.C. Wetzel (TSCP MD) and Bryan Doyle (Data Dimensions President & CEO, transitioning to One Call Chief Business Officer) quoted in the primary release. Baird and Bailey & Company served as financial advisors; Polsinelli served as legal advisor. First cited 2026 TSCP software exit. Source
• DerbySoft Holdings Limited (global hospitality / hotel distribution and marketing connectivity SaaS) → Juniper Group / Vela Software / Constellation Software, announced 2026-04-14, majority interest, price not disclosed; DerbySoft executives retain minority stake; Cantor Fitzgerald advised DerbySoft; subject to customary closing conditions and regulatory approvals. First CSU-family deal announced after the Mark Leonard succession was publicly disclosed. Source
• Fisikal Ltd (online business-management SaaS for health and fitness professionals: bookings, PT, payments, live-streaming, programming; Wallingford, Oxfordshire UK; customers include Fitness First UK) → Vesta Software Group / Jonas Operating Group / Constellation Software, announced 2026-04-20, no multiple disclosed. Vesta merged with Jonas Europe on 1 January 2026 (Vesta release) — the post-merger combined entity made the Fisikal acquisition. Second CSU-family deal announced after the Mark Leonard succession news. Source
• Starkwood Media Group (website design and dealer-website software; Farnborough UK) → Perseus Operating Group / Constellation Software, announced 2026-04-27, no multiple disclosed. Third CSU-family deal announced after the Mark Leonard succession news; second Perseus 2026 acquisition after IronHQ on 30 March. Source
• Karpel Solutions (prosecutor case management software, St. Louis MO, founded ~1985, 30+ year history) ← Thompson Street Capital Partners, announced 2026-03-24, no multiple disclosed. Largest US prosecutor case-management platform. Source
• Soberman Engineering (independent vertical-transportation consulting) → KJA/ATIS/Thompson Street Capital Partners, announced 2026-03-10, no multiple disclosed. Source
• Bayline Lift Technologies (Mid-Atlantic elevator inspection) → ATIS/Thompson Street Capital Partners, announced 2025-12-23, no multiple disclosed. Source
• ScholarOne (scholarly publishing workflow software, carved out from Clarivate NYSE:CLVT) → Silverchair/Thompson Street Capital Partners, announced 2024-10-28, expected to close Q4 2024, no terms disclosed. Source
• Vinspec (elevator/escalator inspection software, Alberta) → KJA/ATIS/Thompson Street Capital Partners, announced 2026-03-31, no multiple disclosed. Source
• Quadshift (vertical software platforms, regulated industries) ← BDC Growth Equity Partners follow-on investment, announced 2026-04-01, no terms disclosed. Source
• Document Crunch (AI contract analysis for construction) → Trimble, April 2026, no multiple disclosed. Source
• PlanHub (preconstruction software) → GrowthCurve Capital, September 2025, no multiple disclosed; Houlihan Lokey advised. Source
• Buildsoft (construction estimating, Australia) → Valsoft, December 2024, no multiple disclosed. Source
• Flashtract (construction billing automation) → Trimble, May 2024, no multiple disclosed. Source
• Olo (open SaaS platform for 750+ restaurant brands, NYSE-listed) → Thoma Bravo (Fund XVI), all-cash take-private completed 2025-09-12, ~$2.0B equity value, $10.25/share (65% premium over 30 April 2025 close). Source
• Verint Systems (contact-center / customer experience automation) → Thoma Bravo, announced 2025-09-01, $2.0B enterprise value, merged with existing Thoma Bravo portfolio company Calabrio. Source
• Darktrace (cybersecurity AI, London-listed) → Thoma Bravo, closed 2024, £4.3B / $5.3B enterprise value, take-private. Source
• HCSS (heavy civil construction software: estimating, operations, fleet management; Houston TX; CEO Steve McGough; 2025 revenue ~$215M, ~21% ARR growth, ~40% EBITDA margin) → Nemetschek Group (FWB: NEM), announced 2026-04-13, $2.4B / €2B+ enterprise value at slightly above 20x 2025 EBITDA (confirmed by Nemetschek CEO Yves Padrines to Bloomberg). Structured as a stock-based combination: Nemetschek receives ~72% of an enlarged Build & Construct segment (HCSS + Bluebeam + GoCanvas/SiteDocs + Nevaris); Thoma Bravo retains ~28% as minority shareholder. Expected close 2H 2026 subject to regulatory approvals. 4.6-year Thoma Bravo hold (entry: 16 November 2021). Source
• Chamber Nation (chamber of commerce software, Conroe TX, founded 2005) → Valsoft/Lighthouse Software Group, announced 2026-04-07, no multiple disclosed. Source
• NedFox/RetailVista (retail ERP, Netherlands) → Valsoft Corporation, announced 2026-04-02, no multiple disclosed. Source
• DemandBridge (marketing automation / eCommerce) → Valsoft Corporation, announced 2023-09-11 (corrected from a prior 2026-04-03 aggregator-driven mis-dating; the Martech360 republish carried a 2026 timestamp but the primary Valsoft press release is 11 September 2023), no multiple disclosed. Source
• Quorum Information Technologies (automotive dealership and OEM SaaS, Calgary AB) → Valsoft Corporation (vehicle: 2745122 Alberta Inc.), closed 2025-12-10, $0.80 per share in cash, ~$60M total transaction value, 14% premium to 19 September 2025 close. Prior shareholder: BDC Capital. Source
• Progitek/Dentitek (dental practice management software) → Valsoft/Aspire Software, announced 2024-05-28, no multiple disclosed; fifth health/dental acquisition. Source
• Solvice NV (European optimization software) → Quickbase/Vista Equity Partners, announced 2026-04, no terms disclosed. Source
• Gnosis Freight (supply chain visibility, Container Lifecycle Management) ← Vista Equity Partners (Endeavor Fund) growth investment, announced 2024-09-23, no terms disclosed. Won M&A 2025 Deal of the Year. Source
• MemberLeap (cloud association management SaaS, Vieth Consulting, Lansing MI, founded 2000 by Chris Vieth) → Valsoft/Lighthouse Software Group, announced 2026-04-07 (primary Valsoft press release dateline; corrected from a prior 2026-04-08 secondary citation), no multiple disclosed. FE International was MemberLeap's exclusive M&A advisor; Karp & Langerman, P.C. served as counsel. Same-day pairing with the Chamber Nation acquisition built Lighthouse's association/community-commerce platform in a single press cycle. Source
• Eziway Salary Packaging (integrated salary packaging, novated leasing, and Fringe Benefits Tax compliance software for Australian not-for-profit, public health, aged care, and disability operators; founded 2007 by Paul Gozzo, James Gozzo newly appointed Managing Director) → Valsoft/Fluent Software Group, announced 2026-04-14, no multiple disclosed. Fluent's first Australian acquisition and Valsoft's entry into the workforce-benefits / salary-packaging / FBT-compliance vertical. Source
• Infotech (infrastructure construction software, Gainesville FL) → Diversis Capital (LA-based PE), announced 2024-07-17, no terms disclosed. Source
• ComputerEase (construction accounting and PM software, Cincinnati OH) → Deltek/Roper Technologies, announced 2019-08, asset acquisition, no terms disclosed. Founded 1983. Source
• Hippo Manager Software (vet-tech cloud PMS, Lexington KY) → Shepherd Veterinary Software (Prescott AZ / San Francisco, YC-backed), acquired 2025-03-01, no terms disclosed. Cultivation Capital exited its position via PE secondary in 2021. Customer base migrated to Shepherd platform. Source
• JAIX (transport and logistics ERP software, Australia, founded 1985) → Arcadea Group, announced 2026-04-09, no multiple disclosed. Co-founder and CEO Heather Thornton retiring after 40+ years; COO Michael Stock steps up as CEO; CPO Mike Holmes stays. Arcadea's sixth transportation-vertical investment. Source
• OMS Billing Solutions (specialty dental billing/RCM) → DSN Software/Vertica Capital Partners, announced 2025-05-05, no multiple disclosed. Source
• DSN Software (specialty dental PMS, Centralia WA) ← Vertica Capital Partners growth investment, announced 2024-09-24, no terms disclosed. Source
• IronHQ (agtech/construction dealer software) → Perseus/Constellation Software, closed 2026-03-30, no multiple disclosed. Source
• ADSoftware (aviation CAMO/MRO software, Cluses, France) → Vellox Group/Arcadea Group, announced 2025-08-13, no multiple disclosed. Source
• AGDATA Holdings / Phoenix (farm management software, Australia) → Arcadea Group, announced 2025-04-08, no multiple disclosed. Source
• Complete Flight (Part 135 aeromedical ops software, Orlando FL) → Arcadea Group, announced 2024-07-31, no multiple disclosed. Source
• Vetspire (AI-driven veterinary PMS, Pittsburgh PA) → Pathway Vet Alliance (now Thrive Pet Healthcare), announced 2021-04-13, no terms disclosed. Source
• Synchronoss Technologies (personal-cloud platforms for telecom operators, public; formerly NASDAQ: SNCR) → Lumine Group (TSXV: LMN, Constellation family), closed 2026-02-13, $9.00 per share (~70% premium to 3 December 2025 undisturbed close), $258.4M enterprise value, $116.4M equity value. Source
• YAPI (dental practice automation, $8.8M revenue) → merged with DoctorLogic (portfolio company of M33 Growth), date undisclosed, no multiple disclosed. Source

Open questions Rivas Will is investigating

Each update may add a question here. Updates may also strike them out when answered.

• What is the typical time-from-corp-dev-hire to deal close in this size band?
• Which European PE funds are most active in sub-$25M vertical SaaS?
• How are 2026 vertical-SaaS multiples comparing to the 2021 peak by sub-vertical?
• Is the "SaaSpocalypse" (AI-driven SaaS valuation reset, $285B wiped from software stocks per Forbes, 2026-04-07) compressing multiples for vertical SaaS specifically, or is vertical insulated by switching costs?
• $330B+ of software company debt maturities looming through 2028 (Bloomberg, 2026-04-09) — which PE-backed vertical SaaS companies are most exposed?