Dura Software

Dura buys controlling stakes in profitable, niche B2B software companies through its permanent holding company structure. The firm targets businesses with strong cash flow and a dominant position in a micro-market, then holds them indefinitely rather than exiting after a set holding period. This is fundamentally different from a typical private equity or venture capital approach — there is no planned sale, IPO, or recapitalization event.

Dura operates as a permanent-hold company with long-duration equity. The firm does not deploy through a traditional ten-year drawdown fund structure. Acquisitions are funded through a combination of equity raised on a deal-by-deal basis and cash flows from existing portfolio companies, which means capital is not governed by fund-life constraints.

Dura targets vertical SaaS products that serve narrow, unglamorous markets — scheduling tools for road construction crews, mobile-device management for kiosks, and compliance platforms for regulated industries. The common thread is that the product must be essential to the day-to-day operations of its customers and face virtually no direct competition, giving the business durable pricing power.

Dura's model is built on control buyouts of whole companies, not minority stakes or co-investments alongside GPs. The firm has not publicized a practice of sharing deal economics with outside capital partners beyond its own long-duration equity base, though deal-level co-investment is theoretically possible given the bespoke nature of permanent capital raises.

The core difference is the hold period. PE roll-ups typically acquire several companies in a fragmented vertical, merge them into a single platform, and exit within five to seven years. Dura's permanent-hold model means acquired companies remain independent operating units with their own general managers, and Dura can improve them over a decade or more without forcing a liquidity event or integration that destroys product focus.

Paul Salisbury is the founder and CEO of Dura Software. Michael Girdley, a co-founder, serves as Chairman. The founders came out of the search fund and operator community, not institutional private equity — Girdley in particular is a prolific startup investor and educator through his work with Geekdom and the search fund ecosystem. This operator-heavy background shapes Dura's preference for building better businesses over engineering financial exits.

Dura has not disclosed any adjacent investment vehicles, philanthropic foundations, or affiliated fund structures. The firm operates as a single permanent-hold company from its San Antonio headquarters. Michael Girdley has separate personal investing and educational activities, but these are not consolidated under the Dura Software entity.