M&A Deal Summary

Discuss Acquires Voxco

On November 13, 2025, Discuss acquired software company Voxco from Pivoton Capital, Finrock Growth Partners, Cetina Capital and Sage Capital Partners

Acquisition Highlights
  • This is Discuss’ 1st transaction in the Software sector.
  • This is Discuss’ 1st transaction in Canada.
  • This is Discuss’ 1st transaction in Quebec.

M&A Deal Summary

Date 2025-11-13
Target Voxco
Sector Software
Buyer(s) Discuss
Sellers(s) Pivoton Capital
Finrock Growth Partners
Cetina Capital
Sage Capital Partners
Deal Type Merger

Target

Voxco

Montreal, Quebec, Canada
Voxco provides survey organizations and insights departments with options to collect survey data any time and any place via online surveys, over-the-phone interviews or face-to-face mobile offline surveys. Voxco was founded in 1976 and is based in Montreal, Quebec.

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Buyer(S) 1

Buyer

Discuss

Seattle, Washington, United States

Category Company
Founded 2012
Sector Software
DESCRIPTION

Discuss offers a software platform designed for qualitative market research, enabling brands, agencies, and research teams to conduct live video interviews, self-paced feedback, and AI-assisted analysis with consumers around the world. Discuss was founded in 2012 and is headquartered in Seattle, Washington.


DEAL STATS #
Overall 1 of 1
Sector: Software M&A 1 of 1
Type: Merger M&A Deals 1 of 1
State: Quebec M&A 1 of 1
Country: Canada M&A 1 of 1
Year: 2025 M&A 1 of 1

Seller(S) 4

DESCRIPTION

Pivoton Capital is a private investment firm formed to identify, acquire and operate an existing private company based in the US or Canada. Pivoton has a preference for situations where the owner or owners are seeking liquidity and wish to transition out of the company. Pivton also seeks businesses with low capital requirements, recurring revenue models, and operating highly fragmented industries with low external risk factors. Pivoton Capital was formed in 2017 and is based in Stamford, Connecticut.


DEAL STATS #
Overall 1 of 1
Sector: Software M&A 1 of 1
Type: Merger M&A Deals 1 of 1
State: Quebec M&A 1 of 1
Country: Canada M&A 1 of 1
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-26 Voxco

Montreal, Quebec, Canada

Voxco provides survey organizations and insights departments with options to collect survey data any time and any place via online surveys, over-the-phone interviews or face-to-face mobile offline surveys. Voxco was founded in 1976 and is based in Montreal, Quebec.

Buy -
DESCRIPTION

Finrock Growth Partners is a private investment firm that looks to acquire and invest in founder led, bootstrapped software companies. The Firm will consider companies throughout North America with revenue of $5 to $50 million and EBITDA of $1 to $10 million operating in growing markets and serving business or government clients. Finrock prefers acquiring majority positions from owners looking to retire or transition from running day to day operations. Finrock Growth Partners was formed in 2010 and is headquartered in Austin, Texas.


DEAL STATS #
Overall 5 of 5
Sector: Software M&A 1 of 1
Type: Merger M&A Deals 1 of 1
State: Quebec M&A 1 of 1
Country: Canada M&A 1 of 1
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-04-16 Netreo

Irvine, California, United States

Netreo provides a Software-as-a-Service (SaaS) IT Management product called OmniCenter which automatically builds enterprise-wide dashboard views into the entire IT footprint for large companies. Netreo was founded in 2000 and is based in Irvine, California.

Sell -
DESCRIPTION

Cetina Capital is a private investment firm focused on acquiring and growing lower middle-market technology companies. The Firm targets profitable, independent businesses or divestitures with $3 to $25 million of revenue. Cetina has a preference for companies offering B2B oriented products or services. Cetina Capital is based in Pleasanton, California.


DEAL STATS #
Overall 3 of 3
Sector: Software M&A 1 of 1
Type: Merger M&A Deals 1 of 1
State: Quebec M&A 1 of 1
Country: Canada M&A 1 of 1
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-23 Crowd Content

Victoria, British Columbia, Canada

Crowd Content is a content creation service provider. Crowd Content's platform connects talented writers and editors with businesses in need of high-quality, publish-ready content at scale. Crowd Content serves enterprise and SMB customers through its cloud portal, where it provides self-serve and fully managed content services. Crowd Content was founded in 2013 and is based in Victoria, British Columbia.

Buy -
SELLER

Sage Capital Partners

Investor Investor


Category Private Equity Firm
Founded 2019
PE ASSETS 40M USD
Size Small
Type Sector Focused
DESCRIPTION

Sage Capital Partners is a private investment firm focused on backing search funds seeking lower middle-market Canadian private companies. The Firm looks to support search funds seeking profitable ($1.5 to 6 million of EBITDA) businesses operating in growing markets, with stable customers, unique products/services, and where the owner is looking to exit. Sectors of interest include business/tech services and software/SaaS. Sage Capital Partners was formed in 2019.


DEAL STATS #
Overall 1 of 1
Sector: Software M&A 1 of 1
Type: Merger M&A Deals 1 of 1
State: Quebec M&A 1 of 1
Country: Canada M&A 1 of 1
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-31 Brain Power

Vaughan, Ontario, Canada

Brain Power provides a unique curriculum, world-class teaching, and experiential learning opportunities in after-school enrichment education for bright and gifted students. Brain Power delivers dynamic on-site classroom instruction complemented with online learning. Brain Power is based in Vaughan, Ontario.

Buy -