Waud Capital Partners has teamed with a trio of software execs in an attempt to build a new market-leading vertical software platform business.
WCP has committed an initial $150m to support the process, which will see Leif O’Leary, Shay Gonen and Peter Frintzilas seek to identify, acquire and build a suitable business.
Prior to partnering with Waud the trio created significant shareholder value during their time at Intralinks, a leading provider of virtual data rooms and financial technology software, ultimately culminating in a $1.5bn sale to SS&C.
Waud partner Matt Clary said, “This is a tremendous opportunity for Waud Capital to build on its extensive software portfolio and partner with an industry leading executive team.
“Together, we will work closely with Leif, Shay and Peter and build a new market-leading platform company. We are thrilled that we have such a cohesive and experienced management team on day one.”
Previous software investments from Waud have included CyberGrants, Integrated Practice Solutions, iOffice, and Sphere Commerce.
Waud filed to raise $1.5bn for its fifth flagship fund earlier this year, with the WSJ reporting at the time that the vehicle could go as high as $2bn.
The firm closed its oversubscribed fourth private equity fund at just over $1bn three years ago, smashing its initial $750m target in just 12 weeks.
Waud targets the healthcare services and business and tech services sectors.
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