Finastra, a global provider of financial software applications, and funds advised by Apax Partners LLP (“Apax”), a leading global private equity advisory firm, today announced that they have entered into an agreement under which Finastra intends to sell its Treasury and Capital Markets (“TCM”) business unit to an affiliate of Apax. Upon completion of the transaction, TCM will be rebranded and operated as a standalone business.

With a client base of over 340 financial institutions, TCM is a trusted enabler of risk management, regulatory compliance, and capital markets operations. Its suite of software products – most notably Kondor, Summit, and Opics – supports front-to-back trade lifecycle management, risk, compliance, and operations. Built on decades of intellectual property and long-standing client relationships, TCM is deeply embedded in the global banking ecosystem.

The sale of TCM will streamline Finastra’s portfolio and generate capital for reinvestment to enhance the company’s position as one of the world’s leading software providers to financial services companies. Finastra remains focused on serving its diversified and established customer base in over 135 countries, offering deep domain expertise and best-in-class technology to many of the world’s leading financial institutions and corporations.

“This sale marks an important milestone for Finastra that will help further launch our next phase of growth with a focused suite of mission-critical financial services software,” said Chris Walters, CEO at Finastra. “It will provide capital to accelerate our strategy and reinvest in our core business, while providing our award-winning TCM platform with the backing of an experienced, long-term technology investor to support its continued success moving forward.”

As an independent company working in partnership with the Apax Funds, TCM will be able to invest further in new product development, marketing and technology infrastructure to meet its customers’ evolving needs. The Apax Funds will support TCM in sharpening strategic and operational focus, enhancing customer experience and accelerating technological advancements, including strengthening the company’s cloud offering.

“TCM is a robust, mission-critical platform with leading functionality and an impressive customer base,” said Jason Wright, Partner at Apax. “We see significant potential to invest in technology, talent, and customer relationships to accelerate innovation and growth as a standalone company, drawing on our 25 years of experience scaling global software companies.”

Gabriele Cipparrone, Partner at Apax, said: “We’re excited to partner with the TCM team as the business begins a new chapter as an independent organisation. With the backing of the Apax Funds, we expect TCM to benefit from accelerated innovation and enhanced operations, delivering even greater value to its clients.”

Funds advised by Apax have a long history of investing across the application software industry. Notable investments include Paycor HCM, Zellis Group, ECi Software, OCS / Finwave, Azentio, EcoOnline and IBS Software. The Apax Funds also have extensive experience in supporting corporate carveouts in the software space.

The transaction is expected to close in the first half of 2026, subject to customary closing conditions and the completion of information and consultation processes with employee representative bodies, where required. Further terms of the transaction were not disclosed.

Evercore served as lead financial advisor to Finastra and Vista Equity Partners and Kirkland & Ellis served as legal advisor. Perella Weinberg Partners also served as a financial advisor to Finastra. Deutsche Bank served as financial advisor to Apax and Simpson Thacher & Bartlett served as legal advisor.

TMA’s acquisition of DecisionWise enhances talent management solutions, expands cross-Atlantic reach, and strengthens growth, serving 450 clients in 75 countries.

TMA maintains a global customer base but will be able to better serve North America and specifically United States-based customers.

– Charly Zwemstra, Managing Partner & CEO at Main

Cirtuo’s technology will unlock the full potential of AI-powered category management and sourcing, accelerating Coupa’s autonomous spend management vision and roadmap

FOSTER CITY, Calif.—Coupa, the leader in AI-native total spend management, today announced it has acquired Croatia-based Cirtuo, an industry leader in AI-powered category management. This strategic investment accelerates Coupa’s autonomous spend management vision and underscores Coupa’s commitment to developing AI-powered solutions that improve productivity, agility, and resilience while delivering margin impact.

Category managers are under mounting pressure to align procurement strategies and initiatives with enterprise priorities such as sustainability, risk mitigation, and innovation. Recognizing the widening gap between strategic planning and tactical buying, organizations are turning to AI-enabled solutions to bridge productivity and efficiency gaps.

By integrating Cirtuo’s AI-enabled category management capabilities with Coupa’s leading Total Spend Management platform, Coupa is set to deliver a comprehensive solution that seamlessly translates robust, data-driven strategies into sourcing pipelines, supplier actions, and savings realization. This includes supporting the full supplier strategy lifecycle, from strategy planning, to execution, to monitoring, all within a unified system. These new capabilities will help procurement stakeholders not only drive cost reduction and cost avoidance, but extend to deliver a deeper understanding of business needs.

“Transforming the end-to-end procurement process requires reimagining technology’s role. We’re investing heavily in GenAI to automate routine tasks, enhance strategic decision-making, and bring autonomous procurement to market,” said Salvatore Lombardo, Coupa Chief Product and Technology Officer. “With the acquisition of Cirtuo, we strengthen our AI-native solutions and fill a critical gap in Coupa’s Strategic Sourcing Suite. This allows us to deliver a comprehensive category management solution where customers can create margin impact, especially in direct spend categories, by integrating analysis, strategy, and execution in one place.”

“Cirtuo empowers procurement teams to build AI-guided, insight-driven strategies that align with business priorities and flow directly into tactical activities resulting in seamless, closed-loop procurement processes,” said Drasko Jelavic, Cirtuo CEO. “We’re excited to join Coupa as businesses embrace digital transformation in the AI era.”

Making Category Strategies Actionable
Cirtuo’s market leading category management solution continues to be recognized for its pioneering technology by procurement practitioners, technology experts, and customers. Key solutions include:

• Guided Category Strategy: Guides users with an interview-style approach to craft holistic category strategies without robust training enabling in-depth spend analysis and actionable insights for data-driven category management.
• Guided Supplier Strategy: Leverage supplier relationships by connecting the dots between category and supplier strategies. Develop strategies that align seamlessly with business requirements and extend the focus on relationship metrics.
• Initiative Management & Value Tracking: Manage your strategic savings, supplier, and risk mitigation initiatives end-to-end with clearly defined tasks, owners, milestones, and timelines to easily demonstrate impact on savings and value tracking.

As a leader in AI-powered category management, Cirtuo has helped some of the world’s biggest and best global brands create real business impact, including Ball Corporation, Braun, Molson Coors, Johnson & Johnson, Novartis, Utz Brands, Walmart, and more. Customers are saying:

• “Cirtuo greatly enhances the category strategies that we’re developing. Cirtuo follows best practices and helps us to be more strategic and get us out of the tactical execution that we are stuck in. It’s easy to use. It’s a no-brainer.” – Michael DeWitt, VP of Indirect Spend Management & Center of Excellence, Walmart
• “The digitization of category management is a required and necessary journey. Through Cirtuo Guided Strategy Creation, integrated market intelligence and AI, Cirtuo makes it faster and easier.” – Stephane Morel, Procurement Director, ex-Novartis
• “By providing proof-of-impact to BT and capturing the pay-for-performance element of BT Sourced’s total compensation, Cirtuo enables our procurement team to develop high-quality category strategies that generate savings and present new opportunities.” – Cyril Pourrat, Chief Procurement Officer, BT Sourced

Attendees at Coupa’s flagship annual event, Inspire, will have a chance to learn more about the power of combining Coupa and Cirtuo from Cirtuo’s CEO Drasko Jelavic at a dedicated breakout session and in the Expo Hall. Learn more about cirtuo.com and coupa.com.

Learn more about how you can master spend and cost management without sacrificing growth.

Kaizen Equity Partners served as financial advisor to Cirtuo. Kirkland & Ellis and Wolf Theiss served as legal counsel to Coupa.

About Coupa
Coupa is the leader in AI-native total spend management. Using its trusted, community-generated, $8 trillion dataset, Coupa brings autonomous AI agents, a network of 10M+ buyers and suppliers, and leading apps together on one unified platform to seamlessly automate the buying process and connect to customers in a whole new way. With Coupa, you’ll make margins multiply™. Learn more at coupa.com and follow us on LinkedIn and X (Twitter).

About Cirtuo
Cirtuo is the pioneer in digital category management and strategy creation. Based on the original consulting blueprint for category management and refined in countless client workshops, Cirtuo distills the insights from hundreds of category strategies across global and local procurement organizations and spend categories into one digital consultant: Cirtuo Guided Strategy Creation™ Pro. Cirtuo supports over 5,000 category managers of leading national and multinational companies like Siemens Energy, Boeing, Walmart, Novartis, Molson Coors, or British Telecom across industries and 40+ countries in creating business-centric and actionable category and supplier strategies that deliver unparalleled impact and value.

Read the release on the Coupa website here.

Rentsync, a leading software and data company serving Canada’s rental housing industry, today announced it has raised a significant growth investment led by Silversmith Capital Partners. The partnership with Silversmith will enable the company to further invest in technology, expand its team, and pursue strategic acquisitions as it builds a comprehensive platform of data, software, and analytics to address the challenges of Canada’s rental housing ecosystem.

With a consistent track record of strong growth and profitability, Rentsync serves thousands of customers across Canada, including REITs, property management companies, and property developers. The company offers a range of innovative products and services designed to empower owners and landlords to streamline workflows, engage tenants, and maximize property potential.

“We are thrilled to partner with the team at Silversmith, who bring not only deep sector and operational expertise but also a successful history of backing Canadian growth companies,” said Max Steinman, CEO of Rentsync. “Silversmith’s commitment to building category-leading businesses aligns perfectly with our long-term vision to simplify and optimize the rental housing experience for owners, managers, marketers, and renters alike.”

Silversmith has a long and successful history of investing in, and partnering with, Canadian software companies and entrepreneurs, having led growth investments or supported acquisitions in every major region of the country—including Calgary, Montreal, Toronto, and Vancouver. Notable investments in which Silversmith served as the first institutional investor include Absorb Software and Apryse (fka PDFTron Systems).

“As a firm, we are focused on partnering with growing, profitable businesses led by domain experts, and Rentsync embodies these attributes,” said Jim Quagliaroli, Managing Partner at Silversmith. “We’re excited to support Max and his talented team as their first institutional investor as they continue to grow both organically and through strategic acquisitions.”

“The combination of software and data via its numerous listing sites, sticky workflow software, and data and analytics offerings make Rentsync’s value proposition clear. The best is yet to come for Rentsync and its valued customers,” remarked Matthew Nash, Vice President at Silversmith.

In connection with the investment, Silversmith Senior Advisors Mike Owens, Co-Founder & former CEO of Absorb Software, and Mike Volpe, former CEO of Lola.com (acquired by Capital One) and former CMO of HubSpot (NYSE: HUBS), have joined Rentsync’s Board of Directors alongside Quagliaroli and Nash. The Board also includes CEO Max Steinman and Dan Jauernig, former CEO of Apartments.com and Cars.com (NYSE: CARS).

Stikeman Elliott and Kirkland & Ellis served as legal counsel to Silversmith Capital Partners. Software Equity Group (SEG) and Borden Ladner Gervais (BLG) served as advisors to Rentsync.

About Rentsync

Based in Toronto, Rentsync is a leading software and data company, specializing in serving the Canadian rental housing industry. Rentsync offers a range of innovative products and services designed to streamline rental property marketing, leasing, and property management. It also owns and operates the Rentals.ca Network, the leading online marketplace for rental housing in Canada. Its commitment to professionalism, innovation, and accessibility has made it a trusted leading partner for rental housing marketers, leasing agents, and renters.

About Silversmith Capital Partners

Founded in 2015, Silversmith Capital Partners is a Boston-based growth equity firm with $3.3 billion of capital under management. Silversmith’s mission is to partner with and support the best entrepreneurs in growing, profitable technology and healthcare companies. Representative investments include ActiveCampaign, Appfire, Apryse, DistroKid, impact.com, Iodine Software, LifeStance Health, Onbe, and Webflow. For more information, including a full list of portfolio investments, visit www.silversmith.com or follow the firm on LinkedIn.

BOSTON, NEW YORK & LONDON – TA Associates Management, L.P. (“TA”), a leading global private equity firm, today announced that it has reached an agreement with the Board of Directors of FD Technologies PLC (“FD Technologies”) a company listed on the AIM market of the London Stock Exchange (FDP.L), on the terms of an all-cash acquisition of the entire issued and to be issued ordinary share capital of the company. The acquisition will be completed through a newly formed entity, Bidco, wholly owned by funds advised by TA.

The offer values FD Technologies at approximately £570 million, representing a premium of 27% to the closing price of £19.28 per FD Technologies Share on 6 May 2025, and a premium of 51% to the twelve-month volume-weighted average price of £16.24.

Under the terms of the acquisition, TA will acquire a majority stake in FD Technologies, with existing shareholders retaining a meaningful minority interest. The transaction marks a significant milestone for FD Technologies, following the divestiture of its consulting business in late 2024 and its transition to a pure-play enterprise software company centered on KX.

KX is a recognized global leader in time-series and real-time analytics technology, trusted by financial institutions, aerospace and defense organizations, high-tech manufacturers and other data-intensive industries. Its high-performance database and AI-ready analytics platform empower organizations to unlock the full value of their data with speed and accuracy.

“KX’s high performance data and analytics software supports fast-moving, data-intensive organizations and is foundational to the AI and analytics stacks of global enterprises,” said Ashok Reddy, CEO of KX. “TA’s strategic and operational expertise will support our mission to accelerate product innovation and deepen our impact across high-growth, high-value verticals.”

“With decades of experience investing in and scaling leading enterprise software companies, TA has developed a deep understanding of what it takes to build enduring platforms,” said Hythem El-Nazer, Co-Managing Partner of TA. “That perspective gives us a strong appreciation for the unique position KX holds in today’s fast-moving, data and AI-driven environment. We believe the company is well positioned to meet the growing demand for real-time insights and help global organizations operate at the speed of data. We’re excited to partner with Ashok and the KX team to accelerate their vision.”

This announcement should be read in conjunction with the Rule 2.7 announcement available on the London Stock Exchange RNS here.

Latham & Watkins LLP is serving as legal adviser to Bidco and TA, with Jefferies International Limited serving as financial adviser.

About KX
KX software powers the time-aware data-driven decisions that enable fast-moving companies to outpace competitors, realizing the full potential of their AI investments. The KX platform delivers transformational value by addressing data challenges related to completeness, timeliness and efficiency, ensuring companies understand change over time and can achieve faster, more accurate insights at any scale, cost-effectively. KX is valuable to the operations of the world’s top investment banks, aerospace and defense, high-tech manufacturing, healthcare and life sciences, automotive and fleet telematics organizations. The company has established offices and a robust customer base across North America, Europe, and Asia Pacific. For more information, visit: www.kx.com.

Oversubscribed fund reflects Mainsail’s long-time, disciplined strategy of partnering with fast-growing software companies to help them realize their full potential

AUSTIN and SAN FRANCISCO (May 7, 2025) – Mainsail Partners, a growth equity firm that invests in bootstrapped B2B software companies to help them grow into market leaders, announced the closing of its seventh flagship fund, Mainsail Partners VII, L.P. (“Fund VII”), at the hard cap of $1.535 billion in limited partner capital commitments, the largest in the firm’s 22-year history. Strong support from existing and new investors allowed Mainsail to raise the oversubscribed fund in less than 100 days, bringing the total capital commitments raised by the firm to nearly $4 billion.

Since 2003, the team at Mainsail has been trusted by bootstrapped founders to help their companies scale and grow. With Fund VII, Mainsail will maintain its focus on the next generation of software companies that are customer-obsessed, have built successful products, and can leverage Mainsail’s experience and operational resources to help them achieve their visions for continued company, customer, and personal growth.

Mainsail’s 26-person portfolio-facing value creation team—which the firm believes is one of the largest and most specialized in growth equity—is comprised of former Heads of Product, Pricing and Sales, VPs of Marketing and CX, CTOs, CFO and legal professionals with decades of combined experience building fast-moving B2B software companies. They work shoulder-to-shoulder with founders and management teams to help scale and optimize the key areas that Mainsail believes are essential to capturing market leadership, including hiring and developing high-performing teams and cultures; building and expanding great products; growing and retaining the customer base; implementing scalable, data-driven systems – and now harnessing the power of AI to drive productivity and innovation.

Since closing its last fund in 2022, Mainsail has expanded its team by more than 20 professionals—including senior-level operators with deep experience spanning AI, customer experience, demand generation, pricing, product, and revenue operations—to deliver the next level of strategic support to portfolio companies, which the firm believes gives them a competitive advantage.

“We’re grateful for the continued trust of our existing investors and excited to welcome new investors into the Mainsail community,” said Gavin Turner, Managing Partner and co-founder of Mainsail Partners. “We have tremendous respect and admiration for the hard work, discipline and cultures that bootstrapped founders cultivate. The same way these founders obsess about delivering value to customers, we obsess about delivering support to our portfolio partners.  We remain focused on partnering with them and rolling up our sleeves to help them scale efficiently, deliver outstanding customer outcomes, and grow to become the next generation of market leaders using AI to drive competitive advantages and sustained performance.”

Mainsail has already completed two growth equity investments out of Fund VII in vertical market SaaS companies:

• Inn-Flow secured $45 million from Mainsail to help accelerate innovation, enhance customer experience, and fuel growth for its all-in-one hotel management and accounting platform.
• ChiroHD, a cloud-based practice management system for chiropractors, secured $26 million from Mainsail to help accelerate AI-powered product innovation, enhance platform experience, and expand customer support.

“As a founder, being customer-obsessed and culture-driven is core to how we operate and it’s why many of us started our companies—so it was critical to find an investor who shares those values,” said Caleb Frankel, founder and CEO of Instinct Science. “With Mainsail, we found collaborative, respectful partners who understand the mindset of bootstrapped founders and bring deep, hands-on operating experience to help us invest in our products and team, and ultimately serve our customers better. They’re supportive of our visions as founders, but they also constantly challenge us to expand the realm of what’s possible and be our best.”

Lazard served as placement agent for Fund VII and Kirkland & Ellis served as fund counsel.

About Mainsail Partners

Mainsail Partners is a growth equity firm that invests in bootstrapped B2B software companies to help them realize their full potential. Our team is purpose-built to include experienced investors and software operators who help founders build great teams, develop industry-leading products, design data-driven and scalable infrastructure, and grow market share. Mainsail’s hands-on support and best practices are delivered through a collaborative approach that respects founder-led cultures and helps build on each company’s commitment to its people and customers. With offices in Austin and San Francisco, Mainsail Partners has raised nearly $4 billion in committed capital and partnered with 100+ companies over the last 22+ years. For more information, visit www.mainsailpartners.com.