Investment Summary

PSG Exits FluentStream

On November 3, 2025, Ooma invested in internet software and services company FluentStream from PSG for 45M USD

Investment Highlights
  • This is Ooma’s 2nd transaction in the Internet Software and Services sector.
  • This is Ooma’s largest (disclosed) transaction.
  • This is Ooma’s 4th transaction in the United States.
  • This is Ooma’s 1st transaction in Colorado.

Investment Summary

Date 2025-11-03
Target FluentStream
Sector Internet Software and Services
Investor(s) Ooma
Sellers(s) PSG
Deal Type Add-on Acquisition
Deal Value 45M USD
Advisor(s) KeyBanc Capital Markets (Financial)

Target

FluentStream

Denver, Colorado, United States
FluentStream provides cloud-based business communication services for small and mid-sized companies. The Company’s platform integrates VoIP phone systems, contact center operations, messaging, conferencing, and CRM integrations into a unified solution. It serves industries including healthcare, education, legal, and professional services with scalable voice and collaboration tools. FluentStream was founded in 2010 and is based in Denver, Colorado.

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Investor(S) 1

Investor

Ooma

Sunnyvale, California, United States

Category Company
Founded 2003
Sector Internet Software and Services
Employees1,186
Revenue 257M USD (2025)
DESCRIPTION

Ooma is an entity that creates new communications experiences for small businesses and consumers. Its smart platform serves as a communications hub, which offers cloud-based telephony and other connected services. Ooma combines PureVoice HD call quality and innovative features with mobile applications for reliable anytime, anywhere calling. The company has been ranked the No. 1 home phone service for overall satisfaction and value for five consecutive years by the leading consumer research publication. Ooma is also partnering with connected device makers to create smarter offices and homes. Ooma is available in stores and online from leading retailers. Ooma was founded in 2003 and is based in Sunnyvale, California.


DEAL STATS #
Overall 5 of 6
Sector: Internet Software and Services M&A 2 of 3
Type: Add-on Acquisition M&A Deals 4 of 5
State: Colorado M&A 1 of 1
Country: United States M&A 4 of 5
Year: 2025 M&A 1 of 2
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-23 2600Hz

Henderson, Nevada, United States

2600Hz leverages Kazoo, an open-source communications solution, and a suite of proprietary applications through open APIs to provide Unified Communications as a Service (UCaaS), Communications Platform as a Service (CPaaS), Call Center as a Service (CCaaS) and AI tools and applications. 2600Hz is based in Henderson, Nevada.

Buy $33M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-11-24 Phone.com

Newark, New Jersey, United States

Phone.com is a cloud-based VoIP and unified-communications provider that offers business phone services, including voice, SMS, video meetings, fax, and conferencing. The Company provides over 50 features such as call routing, voicemail-to-email, virtual receptionists, and number porting without requiring long-term contracts. It is designed for small and growing businesses seeking flexible, scalable communication solutions. Phone.com is headquartered in Newark, New Jersey.

Buy $23M

Seller(S) 1

SELLER

PSG

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 2014
PE ASSETS 14.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

PSG is a growth equity investment firm focused on the software sector. The Firm looks to partner with software and technology-enabled service companies to capitalize on opportunities and accelerate growth. PSG looks to leverage its network and best practice knowledge developed from its history of investing, to implement and execute strategies on guiding companies to the next level. PSG was established in 2014 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 20 of 20
Sector: Internet Software and Services M&A 9 of 9
Type: Add-on Acquisition M&A Deals 14 of 14
State: Colorado M&A 1 of 1
Country: United States M&A 14 of 14
Year: 2025 M&A 10 of 10
Size (of disclosed) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-10-21 ThreatConnect

Arlington, Virginia, United States

ThreatConnect provides a proactive and efficient approach to security by enabling enhanced detection, shortened response, and reduced risk. ThreatConnect was founded in 2011 and is based in Arlington, Virginia.

Sell $290M