M&A Deal Summary

JMI Equity Acquires Apptegy

On June 5, 2023, private equity firm JMI Equity acquired internet software and services company Apptegy from Five Elms Capital

Acquisition Highlights
  • This is JMI Equity’s 46th transaction in the Internet Software and Services sector.
  • This is JMI Equity’s 112th transaction in the United States.
  • This is JMI Equity’s 1st transaction in Arkansas.

M&A Deal Summary

Date 2023-06-05
Target Apptegy
Sector Internet Software and Services
Buyer(s) JMI Equity
Sellers(s) Five Elms Capital
Deal Type Secondary Buyout

Target

Apptegy

Little Rock, Arkansas, United States
Apptegy is a provider of communication and content publishing solutions for K-12. Apptegy envisions a world where any school district, regardless of technical capacity, can embrace the power of digital interactions to provide the best education for their students. Apptegy was founded in 2015 and is based in Little Rock, Arkansas.

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Buyer(S) 1

Buyer

JMI Equity

La Jolla, California, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 7.5B USD
Size Mega
Type Sector Focused
DESCRIPTION

JMI Equity is a private equity firm focused on investments in software, internet, business service, and healthcare IT. Targeted businesses typically help automate and optimize business and information technology processes. The Firm will consider investments at all stages of development, including early-stage companies, self-funded businesses requiring growth capital, and later stage businesses in need of buyout or recapitalization funding. JMI looks to commit at least $25 million per transaction. JMI Equity was formed in 1992 and maintains offices in San Diego and Baltimore.


DEAL STATS #
Overall 127 of 130
Sector (Internet Software and Services) 46 of 46
Type (Secondary Buyout) 9 of 10
State (Arkansas) 1 of 1
Country (United States) 112 of 114
Year (2023) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-29 Coursedog

New York, New York, United States

Coursedog is a cloud-based academic operations platform for higher education institutions to manage their curriculum, course catalogue, academic scheduling, and event scheduling. Coursedog was founded in 2018 and is based in New York, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-11 Safe Software

Surrey, British Columbia, Canada

Safe Software is an enterprise integration company, that provides solutions that empower people and enterprises to unlock the full potential of their information, including spatial data. Safe Software was formed in 1993 and is based in Surrey, British Columbia.

Buy -

Seller(S) 1

SELLER

Five Elms Capital

Kansas City, Missouri, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 2006
PE ASSETS 1.3B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Five Elms Capital is a private investment firm focused on investing $5 to $75 million in bootstrapped business services companies with $2 to $20 million in rev enue. The Firm will consider providing growth capital or to support shareholder liquidity needs. Five Elms Capital was formed in 2006 and is based in Kansas City, Missouri.


DEAL STATS #
Overall 18 of 18
Sector (Internet Software and Services) 8 of 8
Type (Secondary Buyout) 3 of 3
State (Arkansas) 1 of 1
Country (United States) 15 of 15
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-27 Practice Better

Toronto, Ontario, Canada

Practice Better is an all-in-one practice management software solution transforming how health & wellness professionals run their practices and support their clients. The company serves 10,000+ customers in over 70+ countries across the globe, and processes hundreds of millions annually in payments on behalf of customers. In addition to supporting thousands of nutrition-focused practitioners and coaches, Practice Better has seen incredible adoption from other verticals within the health and wellness space including naturopathic doctors, chiropractors, mental health therapists, and other wellness professionals. Its platform empowers wellness professionals to streamline admin work, engage clients, and scale their practices beyond the traditional 1:1 model. Practice Better is a based in Toronto, Ontario.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-08 Gymdesk

Austin, Texas, United States

Gymdesk is a provider of management software designed to simplify and enhance operations for gyms, martial arts schools, yoga studios, membership clubs, and more. Gymdesk is based in Austin, Texas.

Buy -