Tuesday, July 27, 2010
Parallax Capital Partners Buys SaaS Firm Daptiv
Laguna Hills-based Parallax Capital Partners, an investment group which acquires and operates software companies, said today that it has acquired Seattle-based Daptiv, a provider of online software-as-a-service for project and portfolio management. Financial terms of the acquisition were not announced. Parallax said that Daptiv operates a profitable business with recurring revenues of nearly $20M. Daptiv's customers include BASF, Chase Paymentech, Harvard University, Honeywell, La Poste and Virgin Blue, among others. As part of the acquisition, Parallax Capital said it has appointed John Baldwin as CEO of Daptiv. Parallax Capital Partners is managed by James Hale and Lisa Hale, and says that it has invested over $150M in capital in acquiring twelve companies since it was founded.