M&A Deal Summary

Theatre Capital and Trajectory Capital Acquire Association Analytics

On September 25, 2025, private equity firms Theatre Capital and Trajectory Capital acquired information technology company Association Analytics

Acquisition Highlights
  • This is Theatre Capital’s 3rd and Trajectory Capital’s 1st transaction in the Information Technology sector.
  • This is Theatre Capital’s 5th and Trajectory Capital’s 1st transaction in the United States.
  • This is Theatre Capital’s 1st and Trajectory Capital’s 1st transaction in Virginia.

M&A Deal Summary

Date 2025-09-25
Target Association Analytics
Sector Information Technology
Buyer(s) Theatre Capital
Trajectory Capital
Deal Type Buyout (LBO, MBO, MBI)

Target

Association Analytics

Arlington, Virginia, United States
Association Analytics provides data and analytics software for trade and professional associations, helping them leverage insights for growth and engagement. Its solutions, including the Acumen platform, enable faster implementation and improved decision-making for member-based organizations. Association Analytics was founded in 1999 and is based in Arlington, Virginia.

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Buyer(S) 2

DESCRIPTION

Theatre Capital is a private investment and holding firm focused on growth investments in technology companies. The Firm seeks recurring revenue companies with $2 to $30 million of revenue and where it can commit $3 to $25 million of equity capital. Areas of interest include software, digital infrastructure, technology services, and fintech. Investment situations include divestitures, special situations, and recapitalizations. Theatre Capital is based in New York, New York.


DEAL STATS #
Overall 6 of 7
Sector: Information Technology M&A 3 of 3
Type: Buyout (LBO, MBO, MBI) M&A Deals 3 of 3
State: Virginia M&A 1 of 1
Country: United States M&A 5 of 6
Year: 2025 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-09 CMIT Solutions

Austin, Texas, United States

CMIT Solutions is a provider of enterprise-level information technology (IT) services to the small and mid-market business community. CMIT Solutions was founded in 1996 and is based in Austin, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-10-01 AllPaid

Indianapolis, Indiana, United States

AllPaid is a secure, single-source payments platform for local government agencies and municipalities serving thousands of government customers in the United States. AllPaid was founded in 1997 and is based in Indianapolis, Indiana.

Buy -
DESCRIPTION

Trajectory Capital is a private investment firm that seeks to acquire minority and majority positions in B2B SaaS companies. The Firm seeks growth businesses with strong product/market fit and up to $10 million in revenue. Trajectory Capital was formed in 2024 and is based in New York, New York.


DEAL STATS #
Overall 1 of 2
Sector: Information Technology M&A 1 of 1
Type: Buyout (LBO, MBO, MBI) M&A Deals 1 of 1
State: Virginia M&A 1 of 2
Country: United States M&A 1 of 2
Year: 2025 M&A 1 of 2
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-10-15 Legal Decoder

Falls Church, Virginia, United States

Legal Decoder is an AI-powered provider in legal spend management. The company's Legal Spend Analytics technology analyzes legal spend and billing data to ensure more accurate pricing of legal services while at the same time ensuring best-in-class efficiency in service delivery, unwavering outside counsel guideline compliance and optimal value in legal services delivered for both corporate legal departments and law firms. Legal Decoder was formed in 2013 and is headquartered in Falls Church, Virginia.

Buy -