San Francisco and Newport Beach, CA – December 16, 2021 – Carrick Capital Partners, a growth-oriented investment firm focused on software and software-enabled businesses, today announced the completion of three portfolio company sales in the final quarter of 2021.
“At Carrick we apply repeatable process improvements in software and the tech-enabled business services sector to help great companies scale and achieve recurring revenue and improved gross margin,”explained Marc McMorris, Carrick Capital Partners Co-CEO and Co-Chair of the Investment Committee. “We are very pleased with the results of these three different exits,”McMorris added.
- Saama Technologies, Inc.: Carlyle and co-investors including Merck GHI, McKesson Ventures, and Pfizer Ventures, among others, announced a strategic growth investment in Saama leveraging Saama’s evolution as a software-based offering to accelerate development of the company’s AI-driven data management and analytics capabilities.
- Mavenlink: Mavenlink, which has successfully evolved its model to serve a larger enterprise clientele, announced a merger with Kimble Applications in which Accel-KKR is the majority investor. Carrick Capital Partners will have an equity interest in the combined business.
- Brightspot: Having successfully built out their software product offering, Brightspot executed on a majority recapitalization transaction with Tailwind Capital, a private equity firm focused on investments in growth-oriented companies.
“I’ve had a great, long history with the team at Carrick. Their advice, operational problem-solving capabilities, and networking support make them an exceptional partner,”said Ray Grainger, CEO and co-founder of Mavenlink. “But most valuable in getting us to this point was their enterprise expertise and the role they played in helping us pivot to pursue large enterprise clients,”he emphasized.
“By leveraging our deep operational experience, we are able to apply our repeatable process improvement model in a way that is customized to each portfolio company circumstance. These latest exits exemplify how our experience with software-based revenue streams, go-to-market strategies and our large enterprise expertise have benefitted three different companies,”said Jim Madden, Carrick Capital Partners Co-CEO and Co-Chair of the Investment Committee. “Combined with our broad networks, our approach contributes significantly to the positive economic outcomes across the sectors in our portfolio,”Madden concluded.