Growth equity firm taking control of software companies

Blue Star Innovation Partners

At a glance

Revenue range$3M to $35M S1
Deal typesPlatform, Growth, Minority, Add-on S1
SectorsSoftware & SaaS

What Blue Star Innovation Partners buys

Blue Star Innovation Partners is a Frisco, Texas firm started in 2017 by software founder Rob Wechsler, with Jerry Jones and his family as founding investors. It calls itself growth equity, but its main deal is a control recapitalization, with some minority stakes alongside. It backs business software companies, plus AI and tech-enabled services and fintech. Founders it once backed often join as full-time operating partners, and it leans heavily on its payments experience.

Its stated range is $3 million to $35 million of annual recurring revenue. It publishes no EBITDA range or check size. It wants founders who will roll equity and keep building, and it says it puts its own money into every deal. Recent purchases include senior care software company IntusCare in April 2026 and vacation rental software company Hostfully in September 2025. Its third fund, BSIP III, launched in the 2025 to 2026 period with no size published. A company below its range is most likely to meet it as an add-on to a platform such as Taivo.

Recent deals

Announced in the 24 months before November 6, 2026.

DateCompanyTypeSectorSource
Apr 2026IntusCareMajority growth investment in AI-powered software for PACE and senior care providersPlatformSoftware & SaaSSource
Oct 2025OrderMyGearMerged with Inktavo, which the firm backs with PSG; the combined company is now TaivoAdd-onSoftware & SaaSSource
Sep 2025HostfullyMajor investment in software for short-term and vacation rental managers; the co-founder stays as CEOGrowthSoftware & SaaSSource
Jun 2025PlayMetricsYouth sports software sold to Genstar Capital with co-investor PSGExitSoftware & SaaSSource

Portfolio by sector

From the firm's portfolio page S3.

Current

  • IntusCare
  • Hostfully
  • Taivo (formerly Inktavo)
  • Ledger Run
  • OfficeRnD
  • Sonar Software
  • TravelNet Solutions (Track)

Past investments: PlayMetrics, LegitScript, Storable, Government Brands, Payrix

Greymont’s take

How Blue Star Innovation Partners fits a seller

This firm suits a software founder who wants to take some money out, stay in the job and keep a real stake. Its site asks founders to roll equity, and the people across the table have built and sold software companies themselves. Hostfully's co-founder stayed on as CEO after the 2025 investment, and it pitches help with payments, pricing and sales as much as capital.

Holds can be short. It invested in PlayMetrics in August 2023 and completed the sale to Genstar in June 2025, so a founder rolling equity should ask how long the firm expects to hold and what happens to that stake in an early sale. It also invests beside other firms, such as PSG, so ask who will really control the board and who decides when to sell.

Questions owners ask

Does Blue Star Innovation Partners take control?

Usually, yes, even though it calls itself growth equity. Its site lists control recapitalizations as its main transaction, with select minority deals. Its April 2026 IntusCare deal was described as a majority growth investment.

What size of software company does Blue Star look for?

Its site gives $3 million to $35 million of annual recurring revenue. It does not publish an EBITDA range or a check size, so owners should expect the conversation to start from recurring revenue.

Does the founder stay after Blue Star invests?

That is the model. The firm says it looks for founders who will roll equity and help build the business. Hostfully said its co-founder stayed as CEO, and PlayMetrics kept its CEO even after the 2025 sale to Genstar.

Who has Blue Star sold companies to?

Its history page lists Storable to EQT, Government Brands to PSG and TPG, Payrix to FIS, LegitScript to The Jordan Company and PlayMetrics to Genstar. That points to larger private equity firms and strategic buyers as the usual exit.

Sources

  1. S1Blue Star Innovation Partners home page: investment criteria Accessed November 5, 2026
  2. S2Blue Star Innovation Partners: About and history Accessed November 5, 2026
  3. S3Blue Star Innovation Partners: News Accessed November 5, 2026
  4. S4BSIP and PSG Complete Sale of PlayMetrics to Genstar Capital (June 11, 2025) Accessed November 5, 2026
  5. S5Hostfully: Investment from Blue Star Innovation Partners (September 16, 2025) Accessed November 5, 2026
  6. S6Kirkland Advises Blue Star Innovation Partners on Major Investment in Hostfully (September 16, 2025) Accessed November 5, 2026
  7. S7Reed Smith advises Hostfully in major investment from Blue Star Innovation Partners (September 18, 2025) Accessed November 5, 2026
  8. S8Inktavo and OrderMyGear Merge (October 21, 2025) Accessed November 5, 2026
  9. S9Introducing the New Taivo Family of Brands (September 2026) Accessed November 5, 2026
  10. S10Ledger Run Partners With Blue Star Innovation Partners (September 4, 2024) Accessed November 5, 2026
  11. S11OfficeRnD Announces Strategic Growth Investment From Blue Star (October 26, 2023) Accessed November 5, 2026
  12. S12Blue Star Innovation Partners Announces Investment in Sonar Software (December 23, 2022) Accessed November 5, 2026

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

For business owners

Thinking about selling? Start here.

We work for the buyers, so owners never pay us a fee or a share of proceeds. See what your business could be worth and how many buyers fit a company like yours, or start a confidential conversation.

What Is My Business Worth? Who Would Buy My Company?