February SaaS Insiders Report

February 2025: PE-Backed SaaS Shake-Ups, Takeovers, and C-Suite Switch-Ups

Not every month is busy, but February delivered.

From billion-dollar acquisitions to leadership changes that kept us on our toes, the private equity-backed SaaS space saw plenty of action. Here’s a clear-eyed look at what went down—no hype, just the facts and a few observations.

Acquisitions & Divestitures: Shopping Sprees Galore

1. Smartsheet Goes Private in $8.4 Billion Deal (Vista & Blackstone)
   Vista Equity Partners and Blackstone teamed up to take Smartsheet private in a massive $8.4 billion deal. The goal? Unleash Smartsheet’s potential away from Wall Street’s prying eyes. We’ll be watching how they plan to scale. Read more
2. Temenos Sells Multifonds to Montagu for $400M
   Temenos decided to trim its portfolio by selling Multifonds to Montagu Private Equity for $400 million. Fund administration software might not be a headliner, but it’s a solid move for both sides. Read more
3. Bottomline’s Legal Spend Management Division Snapped Up by Sedgwick (EQT-backed)
   Sedgwick, backed by EQT, acquired Bottomline’s Legal Spend Management division. It’s a straightforward move to boost their legal services portfolio. Read More
4. Motus Acquires Everlance (Thoma Bravo-backed)
   Thoma Bravo-backed Motus picked up Everlance, a mileage and expense tracking SaaS for SMBs. It’s not glamorous, but it’s a smart extension for Motus. Read more

Take-Privates: Who’s Sneaking Off the Public Stage?

1. Zuora (Silver Lake & GIC-backed)
   Zuora was taken private for $1.7 billion by Silver Lake and GIC, shifting focus to its subscription billing empire without Wall Street’s quarterly check-ins. Read more
2. Secureworks (Thoma Bravo-backed Sophos)
   Secureworks joined the private party, scooped up by Sophos (also Thoma Bravo-backed) in an $859 million deal. Cybersecurity is still hot. Read more

Leadership Changes: Transformations Worth Watching

• Grace Hill (Aurora Capital Partners-backed) – Huge congrats to Chris Fontan for being appointed as Chief Technology Officer, bringing his expertise in technology innovation and data analytics to enhance Grace Hill's SaaS offerings in the real estate industry.

• Hazeltree (FINTOP Capital-backed) – Lokesh Seth steps in as CEO, bringing his fintech scaling expertise to lead Hazeltree's next phase of growth.

• Centage (Scaleworks-backed) – Paul Lynch takes over as CEO with a focus on scaling and expanding the FP&A SaaS provider’s footprint.

• ThreatModeler (Invictus Growth Partners-backed) – Matt Jones joins as CEO, while founder Archie Agarwal shifts to focus on innovation.

• ResNav Solutions (Strattam Capital-backed) – Alex Hart is the new CEO, set to drive growth for the payroll data management SaaS.

• Inovalon (Nordic Capital/Insight Partners-backed) – Adam Kansler steps in as CEO, following founder Keith Dunleavy’s move to an advisory role.

• TripleLift (Vista Equity Partners-backed) – Dave Helmreich takes the helm as CEO, bringing deep ad-tech experience to scale the business.

• Calabrio (Thoma Bravo-backed) – Carl Gillert joins as CFO to steer financial strategy and support growth initiatives.

Board Appointments: New Faces at the Table

• 42Crunch (Energy Impact Partners-backed) – Added Tansel Ismail and Tushar Kothari to its Board.

• Mitiga (SYN Ventures-backed) – Added SYN’s Robert Rodriguez and former Mandiant COO John Watters.

📊 Key Trends & Takeaways: TL;DR Version

• Robust M&A Activity: PE firms are in a buying frenzy, snapping up SaaS assets left and right.
• Surge in Take-Privates: Public SaaS companies are heading for the exits—Zuora and Secureworks being prime examples.
• Strategic Portfolio Slimming: Temenos is shedding non-core assets to focus on core growth areas.
• Leadership Upgrades for Growth: New CEOs and CFOs are stepping in to scale SaaS companies with IPO-ready precision.

That’s a wrap for February, folks!

We’ll keep an eye on the next round of deals and leadership changes. Until then, stay sharp.

— Your Insider SaaS Report 🔍