Big spending private equity firm Potentia Capital has added software company CompliSpace Technology to its impressively growing portfolio as part of its a $300 million investment budget.
CompliSpace is among the leaders in technology dealing with governance, risk and compliance software.
Potentia will have a controlling interest in CompliSpace, which has offices in Sydney, Melbourne and Perth and employees around 70 people.
It is Potentia’s fourth eye-catching acquisition of a platform style technology unit in the past 12 months and includes taking a major role in payments software company PC-EFTPOS , which lists major banks and retailers among its clients.
“CompliSpace has been a market leader in the compliance sector across a range of industries, including education, commercial and financial services and it has the capacity to extend into other industry verticals,” Potentia told Fairfax.
CompliSpace was founded by former private practice lawyers David Griffiths and James Field, who will retain a stake in the new company structure.
Field and Griffiths created CompliSpace in 2017 as a cloud-based platform to facilitate monitoring compliance with industry and legal demands. The company says it can be applied across most industry and commercial structures.
Potentia’s $300 million buyout fund which is supported by one of the industry’s powerhouses, First State Super.
Potentia Capital’s investment director Griffiths said the new acquisition was a good fit.
“Potentia is uniquely placed to partner with CompliSpace to support and help accelerate our next phase of growth,” he told Fairfax.
Potentia was created in 2018 by Andrew Gray, a former dealmaker with Archer Capital, and is highly regarded when it comes to supporting local technology
“CompliSpace has been a market leader in the compliance sector across a range of industries, including education, commercial and financial services,” he’s quoted as saying.
“It has the capacity to extend into other industry verticals . “We’re looking forward to the partnership.”