Our Thesis

What we look for in software companies

Revenue Durability

We invest in businesses with stable, recurring revenue that stands the test of time. If customers rely on your software year after year, we’re interested.

High Unit Economics

Strong margins and solid customer lifetime value? That’s what we like to see. We focus on businesses where every dollar spent creates meaningful value.

Niche Leaders or Large TAM with an Edge

We love companies that dominate a specific niche—solving real problems for a loyal customer base. But if you’re in a large, competitive market, we need to see what sets you apart. Whether it’s a unique product, brand, marketplace, deep customer relationships, or an irreplaceable technology, your “secret sauce” is what makes the difference.

Low Capital Intensity

We look for businesses that don’t require massive ongoing investments to grow. Efficient, scalable companies are our sweet spot.

Consistent Profitability

We believe in sustainable businesses that generate real cash flow. If your company has a history of profitability, it’s a great fit.

Size & Type

For platform acquisitions, we look for businesses with $1M+ in EBITDA, while there are no monetary thresholds for add-on acquisitions within our existing portfolio. Whether it’s a full buyout or a majority stake, we like control positions to drive long-term growth and value creation.

Industry

We invest in software-driven businesses that demonstrate strong market potential, durable competitive advantages, and scalable growth opportunities. While we maintain a broad interest in software, our core areas of investment include:

Vertical Software:
Purpose-built solutions designed to serve specific industries with deep domain expertise, high customer retention, and strong pricing power.
Consumer & SMB Applications:
Software products that enhance productivity, connectivity, and engagement for individuals and small-to-medium-sized businesses. We prioritize companies with intuitive user experiences, high adoption rates, and efficient go-to-market strategies.
Marketplace:
Technology-enabled platforms that facilitate transactions between buyers and sellers, often with built-in network effects, proprietary data advantages, and opportunities for monetization through SaaS, payments, or embedded financial services.
Data & Analytics Platforms:
Infrastructure and application-layer technologies that enable organizations to collect, process, analyze, and derive actionable insights from data. This includes analytics, data warehousing, business intelligence tools, and vertical-specific data platforms that serve as mission-critical decision-making engines for enterprises.
Social Networks:
Platforms that foster digital communities, facilitate content discovery, and drive engagement through unique network effects. We focus on social applications that exhibit strong user retention and proven monetization strategies.

How we work with founders & teams

Every business has a different journey. Whether you’re looking for a partner, an exit, or a fresh start, we structure deals that work for you. Here’s how we typically invest:

Partner to Scale

You’ve built something great and want to take it to the next level. We bring capital, experience, and strategic support to help you scale — while keeping you in control of the day-to-day.

Founder Transition / Management Buyout

If you’re ready to step away, we can structure a transition that makes sense for you. Whether management wants to take over or you need new leadership, we’ll make sure the right team is in place to carry things forward.

VC Exit / Shareholder Transition

Your investors are looking to move on, or the business no longer fits the VC playbook. Whether you’re seeking a new partner with a different philosophy or a long-term home for your company, we’re here to help.

Financial Restructuring / Carveouts

The business is strong, but the financial or corporate structure is holding it back. We step in to stabilize things — whether it’s optimizing debt, restructuring ownership, or creating a new foundation for long-term success.

Founder-friendly approach

No matter the situation, we take a flexible, founder-friendly approach to getting the right deal done. If any of these resonate, let’s talk.

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