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ESW Capital
ESW Capital acquires, transforms, and runs mature business software companies. It utilizes its operating platform to revitalize acquisitions for sustainable...
ESW Capital
ESW Capital acquires, transforms, and runs mature business software companies. It utilizes its operating platform to revitalize acquisitions for sustainable success and prioritizes customer satisfaction. The firm has made 1 investment, including a Series C investment in Tenfold on October 08, 2019, and has achieved 7 portfolio exits, with Tenfold exiting on October 27, 2021.
General information
Firm type
Private Equity
Year founded
1988
Location
Region
North America
Country
United States
City
Dover
Corporate office
Dover, DE, United States
Sector focus
Frequently asked questions
How does ESW Capital structure its investment capital?
ESW Capital operates as a permanent-capital vehicle rather than a conventional private-equity fund. This means it does not raise successive blind-pool funds with fixed lifespans. Instead, it deploys capital on an evergreen basis, which allows the firm to hold acquired businesses indefinitely without a forced exit timeline. This structure is funded by Joe Liemandt's personal capital and reinvested proceeds from the portfolio.
How does ESW source its acquisition targets?
ESW sources targets through a proprietary combination of corporate carve-outs, founder-led succession sales in the B2B software space, and direct outreach to under-managed divisions of larger software conglomerates. Because the firm does not operate on a fund cycle, it can pursue deals opportunistically over multi-year sourcing windows. Public SEC filings show ESW has historically used its holding company Versata as an acquisition vehicle for take-private transactions.
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