Spurrier Capital Partners Research
Advisory Approach
Spurrier Capital Partners is a specialized technology and software-focused M&A advisory firm founded in 2009 by Clark Spurrier. The firm operates with a distinct thesis: that software and technology companies require specialized advisory expertise that goes beyond generalist investment banking. SCP built a reputation as one of the leading boutique advisors in the software M&A space, becoming the #1 ranked advisor for sell-side software technology deals in 2020. The firm was acquired by Lincoln International in early 2022, where the SCP team now operates as the core of Lincoln's Technology, Media & Telecom (TMT) Group, with Clark Spurrier serving as Chairman of this 100+ person global group.
The firm's sweet spot has been companies in the enterprise software ecosystem—companies serving other businesses with software solutions—ranging from vertical applications tailored to specific industries to horizontal platforms and infrastructure software. Their advisory approach emphasizes process rigor, deep buyer relationships in the technology ecosystem, and hands-on execution support throughout transaction lifecycles.
Sector Focus & Expertise
Spurrier Capital's core expertise spans several technology verticals:
Enterprise Software & SaaS: The firm has particular depth in vertical enterprise software companies serving specific industries with tailored solutions. They have advised on deals ranging from healthcare IT platforms to government technology systems to specialized manufacturing software.
Infrastructure Software: SCP has worked extensively with infrastructure-layer software companies—process automation platforms, data management tools, and systems integration software serving enterprise customers. This includes companies like Winshuttle (process automation and data integration for SAP) and K2 (business process management and low-code automation).
Government Technology: The firm has significant expertise in govtech solutions, having advised on transactions like MicroPact (federal IT management software sold to Tyler Technologies for $185M in 2019), Springbrook Software (municipal government software), and Accela (government permitting and licensing systems).
Healthcare IT: SCP maintains an active healthcare technology practice, particularly focused on healthcare information technology, clinical systems, and health-enabled business platforms. This includes companies like Insurity (insurance software) and various healthcare services IT platforms.
Domain-Specific Vertical Software: The firm has built expertise in software serving specific industries—whether manufacturing execution systems, specialized business intelligence tools, or industry-specific operational platforms. This expertise became particularly valuable as SCP grew its client base among founder-owned and PE-backed software companies seeking exits or growth capital.
Deal Track Record
Spurrier Capital Partners completed over 40 transactions as an independent firm before being acquired by Lincoln International, with a total transaction value exceeding several billion dollars. Key deals include:
Recent Notable Transactions:
- MicroPact to Tyler Technologies ($185M, February 2019) - SCP was exclusive financial advisor to Arlington Capital Partners and MicroPact. This government IT software transaction was SCP's largest independent deal by transaction value.
- Zemax to EQT (June 2018) - Optical and illumination design software sold by Arlington Capital Partners. SCP served as financial advisor.
- Precisely acquisition of Winshuttle (June 2021) - Clearlake Capital and TA Associates backed Precisely in acquiring enterprise integration software company Winshuttle. SCP was exclusive financial advisor.
- Genstar Capital investment in Insurity (late 2020/early 2021) - Insurance software company. SCP served as financial advisor.
- BigTime Software strategic investment from Vista Equity Partners (January 2022) - Professional services automation software. SCP was financial advisor to Vista.
Other Notable Advisory Work:
- Accela sale of Springbrook Software (January 2020) - Municipal government software. SCP was exclusive financial advisor.
- K2 acquisition by Nintex (October 2020) - Business process management and low-code automation platform. SCP played key advisory role.
- Arlington Capital Partners sale of MicroPact to Tyler Technologies (February 2019) - Government operations and IT management. Exclusive advisor.
- Vendavo strategic investment (August 2021) - Revenue optimization software. Lazard and SCP jointly served as financial advisors.
- Comply365 acquisition by Liberty Hall Capital Partners (December 2020) - Compliance software. SCP was financial advisor.
- Sifted acquisition of Pricefex Optimize Business Unit (2021) - Cloud-based pricing and yield optimization. SCP was exclusive financial advisor.
Career Track Record: Clark Spurrier personally has advised on and executed over 200 mergers and acquisitions, IPOs, and capital raises over his 30+ year technology investment banking career.
Team & Leadership
Spurrier Capital Partners was founded by Clark Spurrier, who built the firm to over 20 software-focused M&A professionals before the 2022 acquisition by Lincoln International. Key team members include:
Clark Spurrier (Founder & Former CEO, now Chairman of Lincoln's TMT Group)
- 30+ years of technology investment banking experience
- Personally advised on 200+ M&A transactions and IPOs
- Registered with FINRA (Series 79 equivalent)
- Joined Lincoln as Senior Director and became Chairman of the TMT Group
- Based in New York/Miami area
Griffin Bealle (Director at SCP, now Managing Director at Lincoln)
- Focused on technology and software M&A transactions
- Joined SCP team and transitioned to Lincoln's TMT practice
- Active advisor on enterprise software deals
Derek Ritchea (Managing Director)
- Specialized in healthcare information technology transactions
- Focused on disruptive public and private HCIT companies
- Award-winning advisor (recognized in M&A Advisor's Emerging Leaders Awards, 2020)
- FINRA registered (Series 79)
Brian Griffiths (Managing Director, hired January 2020)
- Former Chief Financial Officer role before joining SCP
- Brings operational and financial background to advisory team
- FINRA registered professional
Other Team Members: SCP's team of 20+ professionals included various directors and senior advisors specializing in different software verticals, with combined experience spanning thousands of transactions in the software and technology space.
Process & Fee Structure
As an advisory firm, Spurrier Capital's engagement model focuses on exclusive sell-side advisory services for technology and software company exits and growth capital transactions. Their process emphasizes:
- Institutional-quality transaction management and execution
- Deep buyer outreach to strategic acquirers and financial buyers in the software ecosystem
- Comprehensive buyer network development and relationship management
- Multi-buyer competitive processes to maximize valuation for sellers
- Hands-on deal structuring and transaction support
Fee Structure: Standard investment banking fees (modified Lehman formula or flat percentage arrangements, typical for boutique advisory firms). Specific fee terms are negotiated per engagement based on transaction size and complexity.
Buyer Network & Relationships
Spurrier Capital developed particularly strong relationships with several categories of software buyers:
Private Equity Firms: Vista Equity Partners (particularly for software investments), Genstar Capital, Clearlake Capital, TA Associates, Arlington Capital Partners, Accel-KKR, Francisco Partners
Strategic Acquirers: Tyler Technologies (government and public sector software), Nintex (process automation), OpenText (enterprise content management), Ansys (engineering software), EQT investments
Buyer Network Strength: Across their 40+ deals as an independent firm, the transaction mix included:
- PE-backed acquisitions: 18+ deals
- Strategic acquisitions: 15+ deals
- Growth capital/recapitalizations: 8+ deals
- IPOs and other public market transactions: Several
The firm's deep relationships with Vista Equity Partners (the largest software-focused PE firm), combined with relationships with strategic players like Tyler Technologies and Nintex, positioned them as key advisors for software companies seeking the best outcomes in transactions.
Competitive Positioning
Spurrier Capital differentiated from generalist investment banks in several ways:
- Specialization: Pure focus on software and technology companies, not a multi-industry practice
- Operator Network: Team includes former software company executives and operational leaders, not just pure financiers
- Buyer Relationships: Deep relationships built over 13+ years specifically in the software buyer ecosystem (PE, strategic, lenders)
- Process Rigor: Institutional-quality execution comparable to much larger firms, but with boutique responsiveness
- Market Recognition: Ranked #1 for sell-side software technology deals in 2020 (per Vaquero Capital's Healthcare IT Market Update)
- Track Record: Over 40 completed transactions with strong pricing outcomes for clients
Unlike pure generalists, SCP understood the unique dynamics of software M&A—valuation multiples, buyer incentives, buyer integration preferences, and the competitive dynamics among PE firms and strategic buyers in the software space.
Not a Fit If
Spurrier Capital traditionally does not advise on:
- Non-software technology transactions (hardware manufacturers, semiconductor companies, etc.)
- Services-based businesses without significant software components
- Manufacturing or industrial companies
- Early-stage companies seeking first institutional capital (pre-Series A)
- Distressed situations or turnarounds
- Clients seeking generalist advisory without software-specific expertise
The firm's value proposition is highest for founder-owned or PE-backed software companies with institutional products and established revenue, seeking strategic exits or growth capital.
Geographic Coverage & Operations
Spurrier Capital Partners operated primarily from:
- Headquarters: New York, New York (505 Park Avenue, 16th Floor)
- Secondary Office: San Francisco, California
The firm had East Coast and West Coast presence to serve the full US technology ecosystem. Upon joining Lincoln International, SCP expanded international reach through Lincoln's 20+ offices globally.
Summary
Spurrier Capital Partners represents a specialized boutique M&A advisor that built an exceptional track record in software and technology transactions. The firm's combination of deep software expertise, strong buyer relationships, institutional process capabilities, and founder-led culture made it one of the most successful boutique advisors in the technology space. The 2022 acquisition by Lincoln International was a strategic combination bringing Lincoln scale while maintaining the SCP team's software specialization through the TMT Group. Total transaction volume of 40+ deals completed, with continued advisory work through Lincoln International's technology practice.