M&A Deal Summary

Sunstone Partners Acquires Clearwater

On September 30, 2025, growth capital firm Sunstone Partners acquired information technology company Clearwater from Altaris

Acquisition Highlights
  • This is Sunstone Partners’ 8th transaction in the Information Technology sector.
  • This is Sunstone Partners’ 16th transaction in the United States.
  • This is Sunstone Partners’ 1st transaction in Tennessee.

M&A Deal Summary

Date 2025-09-30
Target Clearwater
Sector Information Technology
Buyer(s) Sunstone Partners
Sellers(s) Altaris
Deal Type Secondary Buyout
Advisor(s) Stephens (Financial)
ArentFox Schiff (Legal)

Target

Clearwater

Nashville, Tennessee, United States
Clearwater is a provider of cyber risk management and regulatory compliance solutions to the healthcare industry. Clearwater is based in Nashville, Tennessee.

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Buyer(S) 1

Buyer

Sunstone Partners

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 2015
PE ASSETS 1.7B USD
Size Large
Type Sector Focused
DESCRIPTION

Sunstone Partners is a private investment firm focused on growth equity investments in and majority buyouts of tech companies. The Firm targets opportunities throughout North American and seeks businesses with at least $20 million in revenues and at least 20% of yearly growth. Sunstone Partners was formed in 2015 from a team that previously worked together at Trident Capital. The Firm is based in San Mateo, California.


DEAL STATS #
Overall 17 of 17
Sector: Information Technology M&A 8 of 8
Type: Secondary Buyout M&A Deals 1 of 1
State: Tennessee M&A 1 of 1
Country: United States M&A 16 of 16
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-11-22 KMS Technology

Atlanta, Georgia, United States

KMS Technology is a provider of digital engineering, data, AI, and consulting services. KMS Technology was founded in 2009 and is based in Atlanta, Georgia.

Buy -

Seller(S) 1

SELLER

Altaris

New York City, New York, United States

Investor Investor Investor


Category Private Equity Firm
Founded 2003
PE ASSETS 10.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Altaris is a specialist private equity firm that targets investments in the healthcare industry. Altaris focuses its investment activity across the healthcare sector, including pharmaceuticals, medical devices, healthcare services and healthcare IT. Altaris will consider both control and non-control investment situations requiring $15 to $50 million of equity capital. Prospective investment situations include corporate carve-outs, leveraged buyouts, and growth equity/recapitalization investments. Altaris was formed in 2004 and is based in New York, New York.


DEAL STATS #
Overall 28 of 28
Sector: Information Technology M&A 3 of 3
Type: Secondary Buyout M&A Deals 9 of 9
State: Tennessee M&A 3 of 3
Country: United States M&A 26 of 26
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-12-25 WuXi AppTec - Advanced Therapies

Shanghai, China

WuXi AppTec's Advanced Therapies offers customers a complete cell therapy outsourcing solution, including viral vector manufacturing, cell therapy process development and manufacturing, and biosafety testing.

Buy -