PE Tech Report

Technology & software solutions

Abacus Group acquires Echo Technologies IT services business

Abacus Group, a global provider of IT services for alternative investment firms, today announced it has completed acquisition of the IT services business unit of Echo Technology Solutions. Founded in 2002, Echo is a technology and digital transformation consulting firm headquartered in San Francisco, with two key business units –

Main Capital Partners enters PropTech market with Zig acquisition

Main Capital Partners has acquired a majority stake in Zig Websoftware, a developer of solutions for housing corporations, student accommodation, commercial property management, and housing allocation. Today, over 160 real estate organisations and 1.8 million tenants and housing market entrants use Zig’s software. Zig has been active in the real

Evo secures GBP1m investment via GroVentive

UK-based proptech startup Evo has secured GBP1 million investment Via the GroVentive investment platform. At the next stage of growth, Evo plans to build partnerships with a variety of providers, including rent payments, utilities, grocery deliveries and transactions with local governments. Co-founder and CEO Dean Shepherd says: “Renters are screaming

Afterparty raises USD3m in seed funding led by Acrew Capital and TenOneTen Ventures

Afterparty, a technology company behind the new Web3 platform enabling creators to directly monetise and manage NFT collector relationships, has raised USD3 million in seed funding.  The round is led by Acrew Capital and TenOneTen Ventures with participation from Palm Tree Crew, Act One Ventures, Hex Capital, Red Light Management,

SeaFort Capital to leverage SS&C’s front-to-back solution to support Fund II

SeaFort Capital, a Halifax, Nova Scotia-based private equity firm, has selected SS&C Technologies’ full-service fund administration solution.  The firm launched its growth-focused buyout fund, SeaFort Capital Fund II, with a target fund size of USD160 million and USD110 million in initial committed capital. The new fund will invest in Canadian

Carlyle acquires majority stake in German business software provider CSS AG

Global investment firm Carlyle has acquired a majority stake in CSS AG (CSS), a German business software provider with a focus on accounting, controlling and human resources (HR) software. Majority shareholder Michael Friemel will retain a large minority stake in CSS and will continue to lead the company as CEO.

Vestwell to acquire BNY Mellon’s Sumday

Vestwell, a fintech engine powering leading workplace savings programmes, is to acquire Sumday, a subsidiary of The Bank of New York Mellon Corporation (BNY Mellon) managing and administers 529 college savings, 529A ABLE, and Secure Choice/Auto-IRA state-sponsored savings programs. The terms of the deal have not been disclosed. BNY Mellon

Riverside Company invests in Halski Systems

The Riverside Company, a global private investor focused on the smaller end of the middle market, has invested in Halski Systems, a full-service IT managed services provider (MSP). The company is an add-on investment to Riverside’s platform, Logically, a leading provider of Managed IT Services. Founded in 2000 and based

HIG Growth Partners participates in Everlaw’s USD202m Series D round

HIG Growth Partners (HIG Growth), the dedicated growth capital investment affiliate of HIG Capital, has participated in a USD202 million Series D funding round for Everlaw, a cloud-native investigation and litigation platform.  HIG Growth invested alongside TPG and existing investors CapitalG, Menlo Ventures, Andreessen Horowitz and K9 Ventures. Everlaw is

eEquity to sell PriceRunner to Klarna realising a return of over 15x

eEquity AB, a Stockholm-based growth investor focusing on investments in digitally enabled businesses, has sold price comparison website PriceRunner to Klarna, a global retail bank founded in Sweden.  PriceRunner will bring new features in the form of product reviews, rich product discovery and price comparisons to the Klarna app to

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