Investment Summary

Alpine Investors Exits Innovative Systems

On August 27, 2025, private equity firm GTCR invested in software company Innovative Systems from Alpine Investors

Investment Highlights
  • This is GTCR’s 12th transaction in the Software sector.
  • This is GTCR’s 146th transaction in the United States.
  • This is GTCR’s 1st transaction in South Dakota.

Investment Summary

Date 2025-08-27
Target Innovative Systems
Sector Software
Investor(s) GTCR
Sellers(s) Alpine Investors
Deal Type Secondary Buyout
Advisor(s) Lincoln International (Financial)
Goodwin Procter (Legal)

Target

Innovative Systems

Mitchell, South Dakota, United States
Innovative Systems is a provider of mission-critical enterprise software for the independent telecommunications industry. Innovative’s core products include eLation, a market-leading Billing & Operations Support System (BSS/OSS), IPTV, a live streaming and cable television solution suite, and APMAX, a hardware and software Voice over IP (VoIP) platform. Innovative Systems was founded in 1998 and is based in Mitchell, South Dakota.

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Investor(S) 1

Investor

GTCR

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1980
PE ASSETS 15.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

GTCR is a private equity firm that typically partners with management when pursuing acquisitions. The Firm looks to grow companies through build-on acquisitions, consolidations, and internal growth. GTCR will consider both equity and mezzanine capital commitments and concentrates its investment activity in consumer products & services, healthcare services, outsourced business services, technology, transaction processing, and pharma/medical products. GTCR was formed in 1980 and is based in Chicago, Illinois.


DEAL STATS #
Overall 153 of 157
Sector: Software M&A 12 of 12
Type: Secondary Buyout M&A Deals 38 of 40
State: South Dakota M&A 1 of 1
Country: United States M&A 146 of 148
Year: 2025 M&A 8 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-07-29 FMG Suite

San Diego, California, United States

FMG Suite is a SaaS provider of cloud-based marketing software and services for financial services professionals and insurance agencies. FMG delivers the leading advisor marketing platform backed by an award-winning, FINRA-reviewed, and compliance-ready content library. FMG Suite was founded in 2011 and is based in San Diego, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-09-10 Park Place Technologies

Cleveland, Ohio, United States

Park Place Technologies is a third-party maintenance (TPM) provider that offers organizations an alternative to post-warranty storage, server and networking hardware maintenance and support in the data center. Park Place Technologies supports EMC, Dell, IBM, Cisco, Hitachi, NetApp, HP, Sun/Oracle and other data center hardware equipment in over 70 countries. Park Place Technologies was founded in 1991 and is based in Cleveland, Ohio.

Sell -

Seller(S) 1

SELLER

Alpine Investors

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2001
PE ASSETS 18.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Alpine Investors is a private investment firm that principally targets small to mid-sized, software and service company acquisitions in the US, Canada, Europe, and Australia. Alpine looks for businesses with cash-flow of $1 to $50 million and will consider both control and non-control positions. Alpine prefers businesses with recurring revenues, identifiable growth opportunities, sustainable margins, and significant barriers to entry. Alpine Investors was established in 2001 and is based in San Francisco, California.


DEAL STATS #
Overall 25 of 25
Sector: Software M&A 7 of 7
Type: Secondary Buyout M&A Deals 10 of 10
State: South Dakota M&A 1 of 1
Country: United States M&A 25 of 25
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-08-04 Guardian Restoration Partners

Denver, Colorado, United States

Guardian Restoration Partners partners with and builds restoration service providers so that every property owner can get the emergency help they need. Guardian Restoration Partners is based in Denver, Colorado.

Buy -