Periscope Equity: Buy Box & Recent Acquisitions

At a glance

Latest fund	Periscope Equity III, $370M (Aug 2025) S6
EBITDA range	$2M to $10M S2
Revenue range	$10M to $100M S2
Deal types	Platform, Add-on S6
Sectors	IT Services & MSP, Cybersecurity, Healthcare Services, Software & SaaS, Accounting & Professional Services

What Periscope Equity buys

Periscope Equity is a Chicago firm, started in 2012, that buys founder-owned services businesses that use technology to deliver their work. It looks at three areas: professional services (managed services and consulting sold to the CEO, COO, CFO or CMO, which today means managed security, Atlassian consulting, e-commerce services and mobility management), healthcare services (behavioral health, home care and pharma consulting) and commercial services for buildings and infrastructure. Its target is a company with $10 million to $100 million of revenue and $2 million to $10 million of EBITDA that is taking outside capital for the first time.

Periscope takes control, sits on the board and then grows each platform through acquisitions. Its August 2025 Fund III release counted about $700 million raised across three funds since 2018, 11 platforms and 28 add-ons. Fund III closed at $370 million, and its first platform was Amusement Connect in May 2026. A smaller company is most likely to meet Periscope as an add-on, since several holdings publish what they want to buy, such as CyberMaxx in managed detection and response.

Recent deals

Announced in the 24 months before October 27, 2026.

Date	Company	Type	Sector	Source
Sep 2026	AvertiumMicrosoft-focused security firm with compliance and offensive testing services, added to CyberMaxx	Add-on	IT Services & MSP	Source
Jul 2026	MAS Medical Staffing (staffing business)MAS divested its staffing unit to focus on home care and pediatric behavioral health through MAS Home Care, MAS Community Health and SPARC; buyer not named	Exit	Healthcare Services	Source
Jun 2026	Applied Patient Experience (AppliedPX)Patient research and engagement consultancy added to Reservoir Communications Group	Add-on	Accounting & Professional Services	Source
May 2026	Amusement ConnectKansas City maker of cashless payment systems for arcades and family entertainment centers; first platform from Fund III, with the co-founders staying in leadership roles	Platform	Software & SaaS	Source
Jan 2026	brightfin ServiceNow businessEnterprise unit sold to Proven Optics; Periscope kept Mobile Solutions as a standalone mid-market platform with a new CEO	Exit	Software & SaaS	Source
Aug 2025	Periscope Equity III$370 million, above its $300 million target	Fund close		Source
Feb 2025	CyberSafe and onShore SecurityTwo managed detection and security providers added to CyberMaxx	Add-on	IT Services & MSP	Source
Dec 2024	WPASSeattle benefits administrator for union trust funds sold to Rainier Partners after four years	Exit	Accounting & Professional Services	Source
Nov 2024	The RepTrak CompanyBoston provider of corporate reputation data, analytics and advisory work	Platform		Source
Nov 2024	Reservoir Communications GroupWashington, D.C. healthcare consultancy for advocacy, communications and market readiness	Platform	Accounting & Professional Services	Source

Portfolio by sector

From the firm's portfolio page S3.

Accounting & Professional Services

Reservoir Health (Reservoir Communications Group)

Healthcare Services

MAS Medical Staffing (MAS and SPARC)
Uprise Health

IT Services & MSP

CyberMaxx
Praecipio Consulting

Software & SaaS

Amusement Connect
Mobile Solutions

Other

eHouse Studio
The RepTrak Company

Past investments: WPAS, Sentrics, Power Digital, MicroMass

Greymont’s take

How Periscope Equity fits a seller

Periscope suits the founder of a services business, often one built on recurring contracts and software, who has never had an outside investor and wants a partner to fund acquisitions. Its sweet spot is $2 million to $10 million of EBITDA. Founders often stay: at Amusement Connect in May 2026, both co-founders kept senior roles. Owners of managed security, Atlassian or Shopify consulting, or pediatric behavioral health businesses below that size should look at Periscope's platforms as add-on buyers, since CyberMaxx, Praecipio, eHouse and MAS each publish what they want to acquire.

Periscope also reshapes companies while it owns them. It sold brightfin's enterprise unit in January 2026 and MAS's staffing arm in July 2026. An owner who rolls equity should ask which parts of the combined business the firm sees as core, and how long it plans to hold. Its recent exits came after three to four years.

Questions owners ask

Does Periscope Equity buy IT services or cybersecurity companies?

Yes. Its CyberMaxx platform, a managed detection and response provider, bought CyberSafe and onShore Security in February 2025 and Avertium in September 2026, and it says it wants more such providers that serve regulated industries. Periscope also owns Praecipio, an Atlassian consulting partner.

What size company does Periscope Equity look for?

Its published criteria call for $10 million to $100 million of revenue and $2 million to $10 million of EBITDA. Its September 2026 fact sheet adds that each fund's underwriting criteria may differ, so a company near the edges should ask.

Is Periscope usually a company's first outside investor?

That is its stated focus. The Fund III release describes first institutional capital for founder-led services businesses, and its approach page lists people, technology, strong leadership and room for acquisitions as added criteria.

How long does Periscope hold its companies?

Recent exits came after three to four years. It bought WPAS in late 2020 and sold it to Rainier Partners in December 2024, and it invested in Power Digital in January 2019 and sold it to Court Square in March 2022.

Sources

S1Periscope Equity home page Accessed October 27, 2026
S2Periscope Equity: Our Approach (sectors, criteria and case studies) Accessed October 27, 2026
S3Periscope Equity: Our Portfolio (current and exited) Accessed October 27, 2026
S4Periscope Equity: News & Press Accessed October 27, 2026
S5Periscope Equity firm fact sheet (September 2026) Accessed October 27, 2026
S6Periscope Equity Announces Close of $370 Million Oversubscribed Third Fund (August 11, 2025) Accessed October 27, 2026
S7Periscope Equity Makes Strategic Investment in Amusement Connect (May 27, 2026) Accessed October 27, 2026
S8CyberMaxx Acquires Avertium (September 17, 2026) Accessed October 27, 2026
S9Periscope Equity Announces the Sale of its Investment in WPAS (December 19, 2024) Accessed October 27, 2026

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