We prefer to invest in businesses that have achieved market traction and momentum, without consuming large amounts of equity capital.
We have the flexibility to structure an investment to meet the needs of the existing business and its owners.
We are building a small portfolio of exceptional software businesses, and we are prepared to hold an investment for many years.
Klaviyo provides powerful machine-learning technology to drive revenues for high-growth e-commerce merchants. In a few short years, Klaviyo has grown from a startup to become the leading marketing automation software platform serving thousands of the world’s most exciting e-commerce brands.
Acadian Founder Jon Karlen led a small equity investment in the spring of 2015 and subsequent $7 million Series A in February 2016. Acadian is Klaviyo’s long-term capital partner.
Co-Founders Andrew Bialecki and Ed Hallen bootstrapped the business prior to raising equity capital. The company has grown >30x since Acadian’s investment while operating at cash-flow breakeven.
Convoke’s SaaS platform helps credit issuers manage the data and documents for loans that are in the collections process. Many of the world’s largest credit issuers trust Convoke to securely distribute and manage sensitive content to multiple partners, investors and stakeholders.
Acadian Founder Dave Pauken joined Convoke as CEO in 2010 and, six months later, concluded the company’s initial vision was failing. Pauken made the bold decision to narrowly focus the company’s product development on the needs of large credit issuers. He led a recapitalization of the business and set the company on course to become the industry’s market-leading platform.
The company has grown rapidly and profitably over the last five years without any subsequent equity capital investment.
Roller is the leading SaaS platform for amusement parks and entertainment venues, with headquarters in Australia and regional offices in the US and UK.
Brothers Luke and Mark Finn founded Roller in 2011 in Melbourne, Australia, and funded the company’s growth largely on early customer revenues and with limited equity investment. By 2015, the company had established strong product-market fit and began to expand internationally.
In July 2018, Acadian led Roller’s first institutional equity financing with a $4.5 million investment that will fuel the company’s growth and market leadership.
We bring to Acadian Software our experience as a successful investor and operator across a wide range of businesses, from startups to publicly-traded industry leaders, from businesses undergoing hyper-growth to those that are highly profitable.
As a general partner in venture funds with an aggregate capital of more than $1 billion, Jon developed a contrarian approach to early-stage software investing. His experience shows that the best companies don’t need tens of millions to prosper, and well-run SaaS businesses are great long-term investments.
Dave knows what it means to grow a SaaS business without venture capital. As CEO of Convoke Systems since 2010, he has proven that bootstrapped SaaS businesses are a capital-efficient, profitable means of growth over the long-term. While he was COO of the Washington Redskins, the team achieved the rating of the world’s most valuable sports franchise.
Mr. Thorndike founded Housatonic Partners, a leading middle market private equity firm, in Boston in 1994 and has been Managing Director since that time. Mr. Thorndike is a graduate of Harvard College and the Stanford Graduate School of Business. He is a Director of Carillon Assisted Living, LLC; CONSOL Energy, Inc. (Chair) (NYSE: CNX); Lincoln Peak Holdings, LLC; OASIS Group Ltd.; QMC International, LLC; ZircoDATA; a Trustee of The Stanford Business School Trust; WGBH; College of the Atlantic; and a founding partner at FARM. He is the author of The Outsiders.
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