K1 Investment Management, a small-cap enterprise software investor, has entered into a definitive agreement to exit its portfolio company Subsplash to Roper Technologies, a member of the S&P 500.
The transaction is expected to close in the near term, and marks K1’s third exit to a publicly traded strategic buyer in the past year.
Subsplash, co-founded in Seattle by CEO Tim Turner, is an engagement platform purpose-built for mission-driven organisations, integrating a suite of AI capabilities, mobile apps, media delivery, digital giving, group messaging, and church management tools for over 20,000 faith-based organisations worldwide.
Following K1’s initial investment in 2019, Subsplash has significantly expanded its product capabilities, go-to-market strategy, and monetisation engine – organically growing annual recurring revenue (ARR) by approximately 7x from the fiscal year prior to investment.
Subsplash transforms church engagement by creating an all-in-one AI platform that seamlessly integrates giving, media, and community connection. Over the course of the partnership, the company has introduced new features across live streaming, church management, and AI-powered content – strengthening their position as a category-leader while accelerating payment attachment rates and increasing platform adoption among existing users.
The sale of Subsplash marks K1’s fifth exit to a strategic buyer and third to a publicly traded acquirer in the past year, a strong pace given broader market conditions.
Notable recent realisations include Irwin, GoCanvas, and Axcient, which contributed to a record year of distributions for K1 in 2024. This transaction also marks K1’s third realisation in 2025.
No investment bankers were involved in the exit to Roper and the deal was originally sourced directly by K1’s in-house business development team.
