Capstreet, a Houston, TX-based middle market private equity firm, acquired PlanetBids, a Studio City, CA-based provider of eProcurement software as a service (SaaS) solutions.
The amount of the deal was not disclosed. In conjunction with the acquisition, tech executive David DiGiacomo joins PlanetBids as CEO, where he will work closely with company co-founders Arpie and Alan Zavian, who will remain with PlanetBids.
Founded in 2000 and led by CEO David DiGiacomo, PlanetBids enables public and private organizations to improve visibility, save time, and reduce costs by electronically managing their procurement processes through a fast and frictionless modern interface. The company offers two flexible procurement platforms: PB System, which helps government, private, nonprofit and educational procurement teams manage and streamline the procurement process, and VendorLine, which connects vendors and contractors with bid opportunities through an intuitive and easy-to-use search platform.
PlanetBids works with agencies in California, Alabama, Arizona, Connecticut, Florida, Indiana, Kentucky, Maryland, Missouri, Nevada, Ohio, Oklahoma, Oregon, Texas, and North Carolina.
Founded in 1990, Capstreet invests in lower middle market software, tech-enabled services, and industrial business services companies. With over 45 platform investments and over 200 add-on acquisitions since inception, its investment strategy is focused on utilizing its Capvalue Framework™ to help accelerate growth and profitability, and help create long term sustainable businesses.
FinSMEs
29/09/2023