Carrick Capital Partners

Background

Carrick Capital Partners is a growth-oriented investment firm specializing in software, Software as a Service (SaaS), transaction processing, and technology-enabled services. Founded in 2012, the firm focuses on operationally scaling fast-growing, technology-enabled businesses by leveraging its unique Approach to Building Value (ABV). Carrick's mission is to provide strength, stability, and support to its portfolio companies, helping them achieve their strategic goals and reach their full market potential.

Key Strategic Focus

Carrick Capital Partners employs a thematic and industry-focused investment approach, identifying companies poised to capitalize on their markets. The firm concentrates on sectors such as enterprise software, SaaS, transaction processing, and technology-enabled services. By working closely with management teams, Carrick aims to refine sales strategies, improve market positioning, and scale operations to drive growth and efficiency.

Financials and Funding

In November 2012, Carrick Capital Partners closed its first fund with $180 million, targeting investments in technology-enabled service offerings, business process outsourcing, transaction processing, SaaS, and enterprise software. The firm has since expanded its assets under management, with over $1 billion as of August 2020. Carrick's revenue reached $2.8 million in 2024, reflecting consistent growth since its inception.

Pipeline Development

Carrick Capital Partners has a diverse portfolio of companies across various stages of development. Notable investments include:

• LegalSifter: In March 2023, Carrick invested in LegalSifter, a company that combines artificial intelligence and human expertise to provide contract-related software and managed services.

• Bishop Fox: In July 2022, Carrick invested $75 million in Bishop Fox, a cybersecurity company specializing in offensive security services.

• Factor: In August 2020, Carrick became the majority shareholder in Factor, a provider of complex legal work solutions at scale.

Technological Platform and Innovation

Carrick Capital Partners differentiates itself through its ABV methodology, which focuses on operational scaling and value creation for technology-enabled businesses. The firm leverages its collective knowledge and past successes to guide portfolio companies along paths of accelerated growth, improved productivity, and increased valuation.

Leadership Team

• Jim Madden: Co-Founder and Managing Director, overseeing the sourcing and growth of successful software and software-enabled businesses. Previously, he founded and led Exult, Inc., a human resources business process outsourcing company.

• Marc McMorris: Co-Founder and Managing Director, with a background in technology investment banking at Morgan Stanley and Goldman Sachs.

• Mitchell Slodowitz: Chief Financial Officer and Managing Director.

• Chris Wenner: Managing Director.

• Steve Unterberger: Managing Director.

Leadership Changes

In January 2025, Carrick Capital Partners appointed Rob Delaney as Managing Director and Partner.

Competitor Profile

Market Insights and Dynamics

The private equity sector focusing on technology-enabled services is highly competitive, with numerous firms vying for investments in high-growth companies. The market is characterized by rapid technological advancements and a strong demand for innovative solutions.

Competitor Analysis

Key competitors include:

• Blackstone: A global investment firm with a diverse portfolio, including technology investments.

• Francisco Partners: Specializes in technology investments, focusing on middle-market companies.

• H.I.G. Capital: A global private equity firm investing in small and mid-sized companies across various industries.

• Vista Equity Partners: Focuses exclusively on software, data, and technology-enabled organizations.

• TA Associates: Invests in technology, healthcare, financial services, consumer, and business services sectors.

• Thoma Bravo: A private equity firm with a focus on software and technology-enabled services.

• Insight Partners: Invests in high-growth technology and software companies.

• Bain Capital Ventures: Focuses on early to growth-stage investments in technology companies.

• TCV: Provides growth capital to technology companies.

• General Atlantic: A global growth equity firm investing in technology, consumer, financial services, and healthcare sectors.

These firms have established themselves as significant players in the private equity landscape, each with a unique investment focus and strategy.

Strategic Collaborations and Partnerships

Carrick Capital Partners has engaged in several strategic collaborations to strengthen its market position:

• LegalSifter: In March 2023, Carrick invested in LegalSifter, aiming to leverage its legal sector experience to propel LegalSifter's growth in providing contract-related software and services.

• Factor: In August 2020, Carrick expanded its investment in Factor, becoming the majority shareholder to accelerate Factor's growth in delivering complex legal work solutions.