2024 Year In Review
In a challenging year to deploy capital in high-quality software companies at reasonable valuations, we relied on our deep network to help secure and close the first two new platform investments in our latest fund – Widewail and HiBid. Our portfolio was also busy on the add-on front, with OpenBrand completing two add-on acquisitions to expand its data-driven competitive intelligence platform. SMA acquired a unique document processing solution, and Veryon acquired RCMBT, a highly regarded aerospace analytics company. And Big Band was busy with three acquisitions.
Platforms
Widewail was our first acquisition in Fund III. Widewail primarily provides reputation management and voice of the customer software for automotive dealers. We backed founder Matt Murray, former Enterprise Sales Lead at Cox Automotive, as CEO. We met Matt through a mutual friend and were impressed by the company's discipline, having been profitable since the early innings and growing at a nice clip. Given our experience in automotive software, Widewail was a natural fit for us, and we're excited to support the team as they execute the next growth phase.
HiBid closed two months later. With the help of LPs and our friends at Primus, we carved this auction software company out of a family-owned publishing business based in Lincoln, NE. We partnered with CEO Pat McCusker, an executive we have been trying to back for several years, and, as we do here at ParkerGale, quickly built out the executive team with a new CTO, CMO, VP of Finance, a CISO, and VP of Engineering.
Add-ons
Last year, Gap Intelligence became OpenBrand. We built the OpenBrand platform out of the buyout and merger of Gap Intelligence with Deep.ad in October 2023, plus the Competitive Promotion Report (CPR) and TraQline add-ons in March and July 2024, respectively. While CPR gave OpenBrand visibility into health, beauty, and wellness data, TraQline amplified OpenBrand's ability to offer comprehensive insights around market share shifts across a wider range of industries.
In November, SMA Technologies announced the acquisition of Encapture, an intelligent document processing and image lifecycle management company. The acquisition enhances SMA's automation solutions for financial institutions via expanded capabilities, integration options, and expertise in loan origination and compliance.
In Q4 of last year, our aviation maintenance software platform Veryon acquired RCMBT, a decision-support and insights and analytics provider for aerospace. The acquisition bolsters Veryon's product portfolio by bringing enhanced parts forecasting and cost analysis tools to bear. As a result, customers contend with less unscheduled maintenance and enjoy greater aircraft availability.
Last year, Big Band completed three acquisitions. First, we acquired Workzone, a leading Project Management Platform leveraged by enterprises, universities, and hospitals to drive large volumes of mission-critical work. Next, we closed DocLib, an accounts payable automation software for manufacturers that works alongside QAD, NetSuite, and Salesforce. And in November, Big Band acquired ColeSoft as part of its thesis around the IBM ecosystem.
A list of all investments is available at Parkergale.com/investments
About ParkerGale
At ParkerGale, we like to say that we do private equity with you, not to you. If that sounds like how you want to do business, whether you are a founder, a seller, a CEO, an investor, or a banker, please reach out and say hello. A reminder of what we're looking for is below. At ParkerGale, we like to say that we do private equity with you, not to you. If that sounds like how you want to do business, whether you are a founder, a seller, a CEO, an investor, or a banker, please reach out and say hello. A reminder of what we're looking for is below
159 N. Sangamon St., 4th Fl
Chicago, IL, 60607
+1.312.698.6300
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Deal Structure: Control Only (Full Buyout & Majority Recap)
Enterprise Value: Sub $100M
Industry Focus: B2B Software
Location: Platform HQs in North America, Global for add-ons