Lower middle market software private equity firm

Banneker Partners

At a glance

Assets under management$2B (as of Jun 2024) S1
Revenue range$5M to $50M S3
Deal typesPlatform, Add-on, Minority S3
SectorsSoftware & SaaS, Cybersecurity

What Banneker Partners buys

Banneker Partners is a San Francisco private equity firm, founded in 2016, that invests only in vertical and enterprise application software. It buys control or a significant minority stake in software companies with roughly $5 million to $50 million of annual revenue, and it backs founder-led businesses that want a partner for organic growth, acquisitions and operating upgrades. Its 21 active companies sell software to narrow markets such as public safety, K-12 schools, higher education, forestry, agriculture, heavy construction, manufacturing, media and energy. The firm reports more than $2 billion of assets under management.

Add-ons are a big part of the model. By May 2026 the firm counted 75 add-on acquisitions across 23 platforms, and it sets no revenue or EBITDA minimum for them. That makes Banneker one of the few buyers that will look at a very small software company, as long as it fits a current platform such as Versaterm, XBE or Remsoft. A software business below $5 million of revenue is most likely to meet the firm that way.

Recent deals

Announced in the 24 months before October 29, 2026.

DateCompanyTypeSectorSource
Sep 2026TMT InsightsMedia operations software firm combined with Fabric to form Fabric InsightsAdd-onSoftware & SaaSSource
Aug 2026Ever.Ag Risk Management businessEver.Ag sold its commodity risk management unit to Stone Point Capital; Ever.Ag itself remains in the portfolioExitSoftware & SaaSSource
Aug 2026XBEPSG made a growth investment; the founder and Banneker each kept significant ownershipInvestmentSoftware & SaaSSource
Apr 2026ResFracPalo Alto reservoir and hydraulic fracturing simulation software; the co-founder stays as CEOPlatformSoftware & SaaSSource
Feb 2026AloftDrone software added to VersatermAdd-onSoftware & SaaSSource
Feb 2026INFLORForestry software added to RemsoftAdd-onSoftware & SaaSSource
Jan 2026Industrial DefenderMajority investment in a Foxborough, Massachusetts maker of industrial control system security softwarePlatformCybersecuritySource
Nov 2025Pet TigerProduce ERP and labor software added to SiloAdd-onSoftware & SaaSSource
Oct 2025LOGRAustralian forestry technology firm added to RemsoftAdd-onSoftware & SaaSSource
Aug 2025VersatermFunds advised by Permira joined as a minority investor in the public safety software companyInvestmentSoftware & SaaSSource
Jul 2025DroneSenseDrone operations software added to VersatermAdd-onSoftware & SaaSSource
Jul 2025KualiGrowth investment in a Lehi, Utah higher education administration software companyPlatformSoftware & SaaSSource
Jun 2025BCMIMerged with XBE to serve heavy construction and materials businessesAdd-onSoftware & SaaSSource
Apr 2025ArkievaGrowth investment in supply chain planning software for manufacturersPlatformSoftware & SaaSSource
Apr 2025GaugeEquipment asset management software added to XBEAdd-onSoftware & SaaSSource
Mar 2025RemsoftInvestment in forestry planning software, announced with its purchase of Lim GeomaticsPlatformSoftware & SaaSSource
Mar 2025BB MediaMedia data business added to FabricAdd-onSoftware & SaaSSource
Mar 2025PriceBeeConstruction materials pricing and quoting software added to XBEAdd-onSoftware & SaaSSource
Mar 2025ImplantBaseCombined with Surgimate to build a single surgical management platformAdd-onSoftware & SaaSSource
Jan 2025Silo TechnologiesInvestment in perishable food supply chain softwarePlatformSoftware & SaaSSource
Jan 2025AdexaSmart factory and supply chain software added to Eyelit TechnologiesAdd-onSoftware & SaaSSource

Portfolio by sector

From the firm's portfolio page S4.

Active Investments

  • Arkieva
  • CORE
  • Eyelit
  • Fabric Insights
  • Hint Health
  • HS Govtech
  • iGrafx
  • Industrial Defender
  • Kuali
  • L7 Informatics
  • Levadata
  • Remsoft
  • ResFrac
  • Silo
  • SuccessKPI
  • Surgimate
  • Texada

Past investments: Ever.Ag, LINQ, Versaterm, XBE, Fluence Technologies, Routeware

Greymont’s take

How Banneker Partners fits a seller

Banneker suits founders of niche software companies who want a buyer that understands recurring software revenue and will pay for product work and acquisitions. A sale can be a full exit or a partial one. The firm takes control or significant minority stakes, and when PSG invested in XBE in August 2026, founder Sean Devine and Banneker both kept significant ownership and Devine stayed CEO. ResFrac's co-founder also stayed on as CEO after Banneker's April 2026 platform investment.

Banneker often brings in other investors later, such as Permira's minority stake in Versaterm in 2025. An owner rolling equity should ask how and when the firm usually sells or recapitalizes, and whether the company would become a new platform or be merged into an existing one, as Fabric and TMT Insights were in 2026.

Questions owners ask

How big does a software company need to be for Banneker?

For a new platform it looks for about $5 million to $50 million of annual revenue. For add-ons to an existing portfolio company it sets no minimum revenue and no minimum EBITDA.

Does Banneker take minority stakes?

Yes. Its criteria say it seeks control or significant minority interests in vertical application software businesses. Some deals are full control, such as Industrial Defender in January 2026, which the firm called a majority investment.

Does the founder stay after Banneker invests?

Often. ResFrac's co-founder and CEO kept leading the company after the April 2026 platform investment, and XBE's founder remained CEO with a significant stake when PSG joined as an investor in August 2026.

Does Banneker invest outside of software?

No. Every company on its investments page is a software business, and its criteria focus on growing vertical application software, so owners of services, hardware or other non-software companies are not its target.

Sources

  1. S1Banneker Partners home page Accessed October 29, 2026
  2. S2Banneker Partners: The Firm Accessed October 29, 2026
  3. S3Banneker Partners: For Intermediaries (investment criteria) Accessed October 29, 2026
  4. S4Banneker Partners: Investments Accessed October 29, 2026
  5. S5Banneker Partners: Announcements Accessed October 29, 2026
  6. S6Banneker Partners Makes Platform Investment in ResFrac (April 22, 2026) Accessed October 29, 2026
  7. S7XBE Announces Growth Investment from PSG (August 19, 2026) Accessed October 29, 2026
  8. S8Industrial Defender Announces Strategic Growth Investment (January 8, 2026) Accessed October 29, 2026
  9. S9Permira Joins Banneker Partners in Versaterm (August 5, 2025) Accessed October 29, 2026

Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Banneker Partners. Figures are as reported on the dates shown and may have changed. Request a correction

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