Audax Private Equity has invested in AI-driven customer engagement software platform Astute.
The Ohio-headquartered business provides customer engagement, digital self-service, and first-party consumer data management software for consumer companies. Astute’s clients include brands such as McDonald’s, British Airways, Dominos, The Cheesecake Factory and Michelin.
Financial details of the deal were not disclosed, although the firm typically targets companies with enterprise values ranging from $50m to $400m.
Audax Group co-chief executive officer Geoffrey Rehnert said, “Astute’s software assists the world’s largest consumer brands in capturing and analyzing insights to improve customer engagement and satisfaction.
“There are exciting growth opportunities on the horizon for Astute as they continue to grow organically and through strategic acquisitions, both foreign and domestic.
“We are thrilled to support Ray and the Astute team as they continue to innovate in this exciting space.”
Audax closed its sixth flagship fund on $3.5bn in September last year. The firm previously bagged $2.25bn for the final close of Fund V in November 2015.
The firm recently exited its HVAC and refrigeration business CoolSys to Ares Management’s private equity group. It also sold software developer Rogue Wave Software to Clearlake Capital portfolio business Perforce Software.
Copyright © 2019 AltAssets