Aeris Partners Research
Advisory Approach
Aeris Partners is a premier boutique M&A advisory firm founded in 2010 with a singular focus on software and SaaS businesses. The firm combines extensive software and SaaS domain expertise with an uncompromising commitment to flawless execution to deliver best-in-class M&A outcomes. Aeris Partners operates from offices in Boston and San Francisco, leveraging 100+ years of combined M&A advisory experience spanning high-growth software and SaaS markets.
The firm's core thesis is straightforward: best-in-class M&A outcomes come from deep industry expertise, institutional-quality process management, and an unwavering commitment to client success. Unlike generalist investment banks, Aeris Partners specializes exclusively in technology M&A, enabling their team to maintain cutting-edge knowledge of software market dynamics, valuation benchmarks, and buyer landscapes.
Market Position & Philosophy
Aeris Partners positions itself at the intersection of boutique advisors and bulge-bracket firms. They maintain a high-touch, relationship-driven approach—avoiding traditional investment banking conflicts of interest while maintaining the capability to execute large, complex transactions. The firm operates with a "one firm" culture rooted in integrity, transparency, and teamwork.
Their market positioning emphasizes:
- Pure, data-driven strategic advice free from conflicts
- Hands-on involvement from senior bankers on every transaction
- 100% focus on software and SaaS, enabling deep vertical expertise
- Long-term relationships with PE firms, VCs, and founders
- Unparalleled close rates and valuation achievement
Sector Expertise & Industries
While maintaining 100% focus on software and SaaS, Aeris Partners operates across 11 distinct vertical markets with deep expertise in each:
Healthcare IT is the firm's largest vertical by transaction volume, with particular strength in behavioral health platforms, practice management systems, revenue cycle management, and clinical solutions for specialized healthcare providers. The firm has advised on dozens of healthcare IT transactions, including sales to Warburg Pincus, Vista Equity, Insight Partners, and Carlyle.
Construction Tech represents a major focus area, with transactions in project management software, ERP solutions for construction firms, and field service management platforms. Notable exits include sales to Roper Technologies (multiple), Viewpoint Software, and other strategic buyers.
FinTech & Payments encompasses loan servicing software, payment solutions, accounting systems, and specialized financial technology platforms. The firm has executed transactions with growth equity firms and strategic financial services acquirers.
EdTech includes K-12 and higher education SaaS solutions, student information systems, constituent engagement platforms, and assessment tools.
GovTech focuses on software solutions for state and local government agencies, including property tax systems and public sector compliance tools.
Supply Chain & Logistics includes procurement SaaS, fleet management, distribution logistics software, and supply chain visibility platforms.
Energy & Power covers enterprise software for midstream energy infrastructure, oil & gas ERP systems, and energy market analytics platforms.
Field Service Management encompasses integrated field service and fleet management solutions for service-oriented businesses.
Data & Analytics includes data management, business intelligence, and analytics platforms across vertical and horizontal use cases.
Restaurant, Retail & Hospitality serves point-of-sale systems, restaurant management platforms, retail analytics, and hospitality tech solutions.
Emerging Technologies includes AI/machine learning applications, no-code/low-code platforms, and next-generation software solutions.
Deal Track Record
Aeris Partners has completed more than $40 billion of strategic M&A, growth equity, and leveraged buyout transactions to date. The firm serves as exclusive or co-advisor on a mix of sell-side, buy-side, and strategic recapitalization transactions.
Recent transaction activity includes:
- 2025: Orchard Software to Clinisys/Roper Technologies; Technical Toolboxes strategic growth investment; Azara Healthcare to Insight Partners; Concord Servicing to Inverness Graham
- 2024: Expert Institute to Spectrum Equity; Datassential to New Mountain Capital; Prometheus Group to Advent International/LGP
- 2023: Valant Behavioral Health to Resurgens Capital; Exostar to Arlington Capital; IPS to PracticeTek; Prendio/BioProcure growth recap
- 2021-2022: Formstack $425M growth investment (Silversmith Capital/PSG); MedBridge to Brentwood Associates; Net Health to Carlyle (NASDAQ: CG)
- 2017-2020: Cycle Computing to Microsoft; WorkWave to IFS; WebPT and Qualifacts to Warburg Pincus; Within3 to Insight Partners; iN2L to Vista Equity
- 2014-2016: ConstructConnect to Roper Technologies; On Center Software to Roper Technologies (NYSE: ROP); Ecosys to Hexagon AB; Navicure to Bain Capital; iModules Software
The firm's buyer relationships span leading PE firms (Warburg Pincus, Vista Equity Partners, Insight Partners, Bain Capital, Carlyle, Advent International), strategic acquirers (Microsoft, Roper Technologies, IFS, Thomson Reuters), and growth equity firms (Silversmith Capital, PSG, Spectrum Equity).
Process & Engagement Model
Aeris Partners offers comprehensive sell-side, buy-side, and strategic advisory services. Their process emphasizes:
- Institutional-quality transaction management
- Deep buyer network leverage and targeted outreach
- Hands-on involvement from senior bankers
- Data-driven valuation and strategic insight
- Collaborative, transparent engagement with clients
The firm serves PE-backed portfolio companies, VC-backed growth companies, founder-owned businesses, and public companies executing divestitures or strategic acquisitions.
Team & Expertise
Aeris Partners operates with approximately 30 professionals across Boston and San Francisco, including 4 Managing Directors, 1 Director, 2 Vice Presidents, and supporting associates and analysts. Senior leadership has successfully closed more than $30 billion of M&A transactions and brings decades of software and SaaS industry expertise. The firm maintains relationships with 2,000+ active PE firms and strategic acquirers worldwide.
Competitive Positioning
Aeris Partners differentiates through 100% focus on software and SaaS (versus generalist advisory), boutique efficiency combined with institutional capability, and an unparalleled track record of close rates and valuation outcomes. The firm avoids traditional investment banking conflicts and maintains long-term relationships with founders, management teams, and institutional investors.