Lower middle market software private equity firm
Performant Capital
- HeadquartersChicago, IL S1
- Websiteperformantcapital.com
- Last verifiedNovember 3, 2026
At a glance
| Assets under management | $200M (as of Nov 2026) S1 |
|---|---|
| Revenue range | $1M to $30M S2 |
| Check size | $10M to $100M S3 |
| Deal types | Platform, Add-on S3 |
| Sectors | Software & SaaS, Healthcare Services |
What Performant Capital buys
Performant Capital is a Chicago private equity firm that buys business-to-business software and tech-enabled services companies. It wants products that customers rely on every day, recurring revenue of $1 million to $30 million, strong customer retention, and profits or a near-term path to them. Checks run from $10 million to $100 million, and the firm says it manages more than $200 million. More than 80 percent of its deals have been a company's first institutional capital, so it often backs founder-built businesses that never took outside money.
The portfolio is mostly software for niche markets: ophthalmology records (Optivate), winery sales (OrderPort), auto repair shop software (Bolt On Technology), interior design project management (Design Manager) and event ticketing (SquadUp). It also owns Revascent, a revenue cycle and practice services firm for physician groups, and DSI, which sells and supports CAD/CAM software for manufacturers. Performant often combines companies, as in the February 2026 merger of DSI and NexGen Solutions, so a smaller software firm can also fit as an add-on.
Recent deals
Announced in the 24 months before November 3, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Feb 2026 | DSI and NexGen SolutionsMerger of two CAD/CAM software and services firms in Ohio and Indiana under the DSI name, with Patriot Capital investing alongside Performant | Platform | Software & SaaS | Source |
| Mar 2025 | OrderPortStrategic investment in a sales and wine club software provider for wineries and alcohol producers | Investment | Software & SaaS | Source |
Portfolio by sector
From the firm's portfolio page S3.
Healthcare Services
- Revascent
Software & SaaS
- Optivate (formerly EyeMD EMR)
- OrderPort
- Bolt On Technology
- Design Manager
- SquadUp
- DSI
Greymont’s take
How Performant Capital fits a seller
Performant suits founders of profitable niche software or tech-enabled service companies who have never raised institutional money and want a buyer that brings hands-on help. Its approach page lists support with sales and marketing, product and technology, and hiring, and its team includes in-house talent, engineering, revenue operations and marketing leaders who work with portfolio companies. A sale can mean being combined with a similar business, as DSI was with NexGen Solutions, with partners such as Patriot Capital helping fund the deal.
Because Performant sizes deals by recurring revenue, owners should have their recurring revenue, retention and margin figures ready before talking. They should also ask whether the founder is expected to stay as CEO, how much equity they would roll over, and whether the firm plans to merge the company with another business.
Questions owners ask
What size software company does Performant Capital buy?
Its criteria call for $1 million to $30 million of recurring revenue and a business that is profitable or close to it. Its companies page gives check sizes of $10 million to $100 million.
Is Performant usually a company's first outside investor?
Often. Its home page says more than 80 percent of its investments have been the company's first institutional capital, which fits founder-owned software businesses that grew without outside money.
Does Performant combine its portfolio companies with others?
Yes. In February 2026 DSI and NexGen Solutions merged under the DSI name with Performant's backing, and its Bolt On Technology deal combined Bolt On with two other auto repair software products, MyShopManager and Unotifi.
Sources
- S1Performant Capital home page (By The Numbers) Accessed November 3, 2026
- S2Performant Capital: About and investment criteria Accessed November 3, 2026
- S3Performant Capital: Companies Accessed November 3, 2026
- S4Performant Capital: Our Approach Accessed November 3, 2026
- S5Performant Capital: Our Team Accessed November 3, 2026
- S6DSI and NexGen Solutions Merge (PR Newswire, February 9, 2026) Accessed November 3, 2026
- S7Patriot Capital Announces Investment in DSI, with Performant Capital (March 24, 2026) Accessed November 3, 2026
- S8Optivate: About Us (formerly EyeMD EMR) Accessed November 3, 2026
- S9Revascent home page Accessed November 3, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Performant Capital. Figures are as reported on the dates shown and may have changed. Request a correction