M&A Deal Summary

Aquiline Capital Partners and Level Equity Management Acquire DocuPhase

On February 20, 2024, private equity firms Aquiline Capital Partners and Level Equity Management acquired software company DocuPhase from LoneTree Capital

Acquisition Highlights
  • This is Aquiline Capital Partners’ 13th and Level Equity Management’s 19th transaction in the Software sector.
  • This is Aquiline Capital Partners’ 52nd and Level Equity Management’s 50th transaction in the United States.
  • This is Aquiline Capital Partners’ 2nd and Level Equity Management’s 3rd transaction in Florida.

M&A Deal Summary
Date 2024-02-20
Target DocuPhase
Sector Software
Buyer(s) Aquiline Capital Partners
Level Equity Management
Sellers(s) LoneTree Capital
Deal Type Secondary Buyout
Advisor(s) Leonis Partners (Financial)

Target

DocuPhase

Clearwater, Florida, United States
DocuPhase is a SaaS business that provides market-leading enterprise automation platform solutions that improve the efficiency of enterprise operations. DocuPhase was founded in 2000 and is based in Clearwater, Florida.

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Buyer(S) 2

Buyer

Aquiline Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2005
PE ASSETS 10.4B USD
Size Mega
Type Sector Focused
DESCRIPTION

Aquiline Capital Partners is a private equity firm that targets investments in the financial services sector. The Firm specifically invests in risk-bearing and services enterprises in industries such as property and casualty insurance, specialty finance, securities, asset management, life insurance and transaction processing. Aquiline Capital was formed in 2005 and is based in New York City.

DEAL STATS #
Overall 70 of 72
Sector (Software) 13 of 13
Type (Secondary Buyout) 16 of 17
State (Florida) 2 of 2
Country (United States) 52 of 53
Year (2024) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-05 Health Prime International

National Harbor, Maryland, United States

Health Prime International is a provider of practice management and revenue cycle management solutions for medical practices across the US. Company provides platform-agnostic revenue cycle management (RCM), electronic health record (EHR), transcription, and practice management services to medical practices across the US. Health Prime International was founded in 2003 and is based in National Harbor, Maryland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-26 TIS

Berlin, Germany

TIS offers a SaaS platform that helps corporations manage payments and cash flows. Finance and treasury teams use this platform to improve cash visibility, compliance, and bank connectivity. TIS is based in Berlin, Germany.

Sell -
Buyer

Level Equity Management

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2009
PE ASSETS 1.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Level Equity Management LLC is a private investment firm focused on providing equity and structured capital to growth businesses. Sectors of interest include e-commerce, healthcare services, IT, internet software, and media. Level Equity Management was formed in 2009 and is based in New York City.

DEAL STATS #
Overall 60 of 60
Sector (Software) 19 of 19
Type (Secondary Buyout) 9 of 9
State (Florida) 3 of 3
Country (United States) 50 of 50
Year (2024) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-17 Upshop

Tampa, Florida, United States

Upshop is a provider of a Software as a Service (SaaS) platform designed to streamline forecasting, ordering, production, and inventory optimization processes for food retailers. The unified platform simplifies and enhances associate tasks, fostering smarter and more interconnected operations across fresh, center-aisle, direct store delivery, and eCommerce departments. Upshop was founded in 1989 and is based in Tampa, Florida.

Buy -

Seller(S) 1

SELLER

LoneTree Capital

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2021
Size Small
Type Sector Agnostic
DESCRIPTION

LoneTree is a growth-focused private capital firm that provides operational and M&A support alongside flexible capital to accelerate revenue growth. The Firm looks to commit $10 to $50 million in business generating $5 to $30 million in revenue. LoneTree Capital's areas of interest include software, digital infrastructure, healthcare IT services, business, and consumer services, and financial technology/specialty finance. LoneTree Capital was founded in 2021 and is based in New York City.

DEAL STATS #
Overall 1 of 1
Sector (Software) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Florida) 1 of 1
Country (United States) 1 of 1
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-04 Synergy Pet Group

Lakewood, New Jersey, United States

Synergy Pet Group is a veterinary care/pet prescription discount plan in North America and also offers pet insurance and veterinary software. Synergy Pet Group was founded in 1995 and is based in Lakewood, New Jersey.

Buy -
Mergr

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