Capstreet Acquires PlanetBids, a Provider of eProcurement SaaS Solutions
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Longtime Tech Executive David DiGiacomo Joins Company as Chief Executive Officer
HOUSTON, September 28, 2023-- Capstreet, a Houston-based lower middle market private equity firm, announced today that it has acquired PlanetBids (or "the Company"), a provider of eProcurement software as a service (SaaS) solutions. In conjunction with the acquisition, David DiGiacomo joins PlanetBids as CEO, where he will work closely with Company co-founders Arpie and Alan Zavian, who will remain with the Company. Terms of the transaction were not disclosed.
Founded in 2000 and headquartered in Studio City, CA, PlanetBids enables public and private organizations to improve visibility, save time, and reduce costs by electronically managing their procurement processes through a fast and frictionless modern interface. The Company offers two flexible procurement platforms: PB System, which helps government, private, nonprofit and educational procurement teams manage and streamline the procurement process, and VendorLine, which connects vendors and contractors with bid opportunities through an intuitive and easy-to-use search platform.
"We're excited to partner with Arpie and Alan," said Adrian Guerra, Partner at Capstreet. "We believe eProcurement is poised for accelerated growth, as government agencies in particular continue to invest in software platforms that can help improve efficiency and allow them to better serve their constituencies. David brings a wealth of experience in building successful teams, particularly in government software, and we are delighted to welcome him to the team."
Mr. DiGiacomo, who previously served as CEO/President of ListenFirst Media, PowerDMS Inc., and Onsolve (formerly Emergency Communications Network), added, "I am honored to join PlanetBids to help build on the great foundation Arpie and Alan have established. PlanetBids offers a powerful solution, and I'm looking forward to working with Arpie, Alan and the Capstreet team as we strive to delight our clients, grow our team, and identify opportunities to expand the Company's technology and reach nationwide."
"We have seen strong market demand for digitized procurement capabilities from local governments and public agencies," said Mr. Zavian. "Capstreet's resources provide an opportunity to increase the scope and depth of our product offerings and go-to-market strategies, which we believe will enable us to assist more organizations with their digital transition."
"Modernizing legacy procurement processes increases visibility, efficiency, and accuracy, while also reducing environmental impacts," added Ms. Zavian. "Capstreet understands these fundamentals, and both they and David have a long track record of working with SaaS companies. We look forward to partnering with them to further enhance the PlanetBids product offering and market position."
Founded in 1990, Capstreet invests in lower middle market software, tech-enabled services, and industrial business services companies. With over 45 platform investments and over 200 add-on acquisitions since inception, Capstreet's investment strategy is focused on utilizing its Capvalue Framework™ to help accelerate growth and profitability, and help create long term sustainable businesses. The majority of Capstreet's investments have been with founder- or entrepreneur-owned businesses. For more information, visit the Capstreet website, www.capstreet.com.
PlanetBids is an eProcurement company providing software solutions to help government, private, nonprofit and educational procurement teams. Since 2000, PlanetBids has assisted customers nationwide in their outreach efforts to suppliers, while also helping them gain greater control and visibility over spend and streamlining many traditional time-consuming procurement practices. Its complete line of eProcurement solutions is offered through a suite of powerful modules that are easy-to-use, configurable, reliable and secure. Please visit home.planetbids.com/ for more information.
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