Technology Trends

On March 26, 2026, KeyBanc Capital Markets (KBCM) successfully advised Terminus Capital Partners (TCP), a growth-oriented private equity firm focused on B2B software companies, on its majority investment in Andesa Services (Andesa), a leading provider of software solutions supporting policy lifecycle administration of insurance and annuity products in the Advanced Markets space. KBCM was retained as the Exclusive Buy-Side Advisor due to its strong M&A capabilities, as well as its close relationship with TCP, and deep domain expertise in Insurance Technology.

Andesa Services is a leading provider of policy and plan administration solutions in the Advanced Markets space, including policy transaction management and NQDC recordkeeping. These solutions simplify the ongoing administration of complex life insurance and annuity products in BOLI, COLI, ICOLI, and Private Placement. By utilizing market and product expertise, configurable capabilities for complex products, and security and reliability at scale, Andesa improves speed to market and empowers carriers and brokers to serve high-value markets confidently. 

Terminus Capital Partners is a private equity firm focused on business software companies, founded in 2017 and based in Atlanta. Differentiated by its industry expertise, sourcing engine, operations approach, and buy-and-build methodology, TCP strives to be the premier partner for capital providers, bankers, and management teams in the enterprise software sector.

On March 20, 2026, KeyBanc Capital Markets (KBCM) successfully advised LTi Technology Solutions, Inc. (LTi or the Company), a leading provider of equipment finance leasing and lending lifecycle management technology, on its sale to Diversis Capital, L.P. (Diversis). KBCM was retained as the Exclusive Sell-Side Advisor due to its long-standing and trusted relationship with the Company’s founders and management team, deep sector expertise in lending technology, and access across the vast investor ecosystem.

Founded in 1989, LTi is a provider of lease and loan finance software for the equipment finance industry. LTi’s ASPIRE platform is a comprehensive, highly configurable lifecycle management system used by banks, captives, and independents across North America and the U.K. With more than $180 billion in assets under management on its platform and a client base that includes 40% of the Monitor 100, the Company is one of the most trusted and widely adopted technology platforms in equipment finance. LTi is headquartered in Omaha, Nebraska.

Diversis is a software- and technology-focused private equity fund that invests in lower middle-market companies, targeting situations where it can add unique value in helping a company reach the next level. With a collaborative approach to investing, its Operating Partners work alongside management teams to help build successful organizations positioned for long-term growth. Founded in 2013, with offices in Los Angeles, California, the firm is investing its third fund.

On January 22, 2026, KeyBanc Capital Markets served as Joint Bookrunner on EquipmentShare.com Inc.’s (EquipmentShare or the Company) $859.3 million Initial Public Offering of 35,075,000 shares, including overallotment. 

EquipmentShare is a digitally native equipment rental platform serving primarily non-residential construction end markets. Enabled by its technology platform, T3, which provides real-time telematics, management, and predictive maintenance of its fleet, the Company offers a tech-forward, seamless equipment rental experience. EquipmentShare serves customers with an integrated solution designed to make their jobsites more efficient, safer, and lower cost.

On December 18, 2025, KeyBanc Capital Markets (KBCM) successfully advised Hasgrove Limited (Interact), a leading provider of employee experience software, on its majority investment from Castik Capital S.à r.l. (Castik). This strategic investment will allow Interact to accelerate product innovation, scale operations, and expand global reach through both targeted M&A and market expansion. Selling shareholders included Unicorn Asset Management, Octopus Ventures, and Perwyn Advisors. KBCM worked alongside its exclusive U.K. partner Clearwater International on the transaction.

Headquartered in Manchester, United Kingdom, Interact is a leading employee experience platform that helps organizations facilitate internal communication, foster knowledge sharing, and boost employee engagement. Interact provides solutions for enterprise Internal Communications, Human Resources, and Information Technology teams. The company currently serves a broad range of blue-chip customers across North America, EMEA, and the Middle East, with its largest markets being the United States and the United Kingdom.

Founded in 2014 and based in Luxembourg, Castik is a private equity investment manager acquiring majority ownership positions in European companies. Castik’s sector focus covers technology-enabled business services, software and internet platforms, specialist healthcare, and industrial technology.

On December 15, 2025, KeyBanc Capital Markets (KBCM) successfully advised AtScale, the leading Universal Semantic Layer technology provider, on a significant strategic investment from Snowflake. KBCM was retained as the Exclusive Financial Advisor due to its strong capital-raising capabilities, as well as its industry-leading infrastructure software sector expertise, close relationships within the strategic ecosystem, and its ability to handle complex transactions.

AtScale enables smarter data-driven decisions by delivering a Universal Semantic Layer that unifies business logic, accelerates performance, and provides consistent metrics across BI tools and AI applications. As the pioneer of modern semantic layer technology, AtScale has helped leading enterprises turn their cloud data platforms into governed, scalable, analytics-ready environments for more than a decade. Recognized as a Leader and Fast Mover in GigaOm's 2025 Semantic Layer Radar, AtScale serves more global Fortune 500 enterprises in production than any other semantic layer provider.

Snowflake is the platform for the AI era, making it easy for enterprises to innovate faster and get more value from data. More than 12,600 customers around the globe, including hundreds of the world’s largest companies, use Snowflake’s AI Data Cloud to build, use and share data, applications and AI. With Snowflake, data and AI are transformative for everyone. Based in Bozeman, Montana, Snowflake trades on the New York Stock Exchange under the ticker SNOW.

On December 1, 2025, KeyBanc Capital Markets (KBCM) successfully advised FluentStream Corp. (FluentStream or the Company), a leading provider of enterprise-grade business phone services for small and medium-sized organizations, on its sale to Ooma, Inc. (Ooma).

Founded in 2010, FluentStream is a cloud communications provider, offering voice, text, mobile, and call-center features. Under PSG’s ownership since 2018, the Company has grown significantly through a series of acquisitions and expanded partner programs. FluentStream is headquartered in Denver, Colorado, and serves approximately 80,000 users across North America.

Founded in 2003, Ooma (NYSE: OOMA) delivers phone, messaging, video, and advanced communications services. Ooma’s offerings include Ooma Office for small to medium-sized businesses; Ooma AirDial for businesses looking to replace aging copper phone lines; Ooma 2600Hz for businesses that provide their own communications solutions built on a white-label platform; and Ooma Telo for residential consumers who value a landline experience. Ooma is headquartered in Sunnyvale, California, and serves more than 2 million users across North America.

On October 28, 2025, KeyBanc Capital Markets (KBCM) successfully advised ACME Technologies, Inc. (ACME or the Company), on its sale to Peek Travel, Inc. (Peek). KBCM was engaged as the Exclusive Sell-Side Advisor due to its industry-leading sector expertise in ticketing and track record with vertical software and payments business models.

ACME empowers non-profit institutions with its best-in-class visitor experience software via a cloud-based enterprise-grade platform, enabling seamless ticketing and embedded payments offerings for guests. The Company has over a decade of experience providing a breadth of offerings ranging from online ticketing, membership, donation, and payment solutions for the largest Arts and Culture institutions in the US and Canada. ACME has sold 220+ million tickets and memberships, and served 60M+ visitors since its founding in 2014.

Peek is the operating system powering the experiences industry—from museums and attractions to tours and activities. With over $7B in bookings, Peek’s AI-powered platform has helped thousands of merchants to increase revenues, save time and deliver seamless guest experiences. Customers include MoMA, Whitney Museum, Seattle Aquarium, Bryant Park, Looping Group, and Museum of Ice Cream. The company has raised over $150 million from institutional investors including Springcoast Partners, WestCap and Goldman Sachs Alternatives.

On September 18, 2025, KeyBanc Capital Markets served as Joint Bookrunner on Pattern Group Inc.’s (Pattern or the Company) $300 million Initial Public Offering of 21,428,572 shares, excluding overallotment.

Pattern accelerates brands on global e-commerce marketplaces leveraging proprietary technology and AI. Utilizing more than 46 trillion data points, sophisticated machine learning and AI models, Pattern optimizes and automates all levers of e-commerce growth for global brands, including advertising, content management, logistics and fulfillment, pricing, forecasting and customer service. Hundreds of global brands depend on the Company’s e-commerce acceleration platform every day to drive profitable revenue growth across 60+ global marketplaces — including Amazon, Walmart.com, Target.com, eBay, Tmall, TikTok Shop, JD, and Mercado Libre.

On September 17, 2025, KeyBanc Capital Markets served as Joint Bookrunner on Netskope, Inc.’s (Netskope or the Company) $1.04 billion Initial Public Offering of 54,970,000 shares, including overallotment.

Netskope, a leader in modern security and networking for the cloud and AI era, addresses the needs of both security and networking teams by providing optimized access and real-time, context-based security for people, devices, and data anywhere they go. Netskope delivers its offerings through a Software-as-a-Service business model, selling subscriptions that provide customers access to its platform along with related support services. The Company is a developer of a cloud security platform designed to provide visibility and real-time data and threat protection while accessing websites and private applications.

In September 2025, KeyBanc Capital Markets (KBCM) acted as Joint Bookrunner on Amkor Technology, Inc.’s (Amkor or the Company) offering of $500 million Senior Notes due 2033 (the Notes). Proceeds from the Notes will be used to repay the existing 6.625% Senior Notes due 2027, for general corporate purposes, and to pay related fees and expenses. 

KBCM was selected to serve as Joint Bookrunner on the offering as a result of our deep industry knowledge and High Yield Capital Markets expertise.

Amkor is the world’s largest U.S.-headquartered OSAT service provider and is a global leader in outsourced semiconductor packaging and test services. Since its founding in 1968, Amkor has pioneered the outsourcing of integrated circuit packaging and test services and is a strategic manufacturing partner for the world’s leading semiconductor companies, foundries, and electronics OEMs. Amkor provides turnkey manufacturing services for the communication, computing, automotive and industrial and consumer markets, including smartphones, data centers, artificial intelligence, electric vehicles and wearables.

On June 13, 2025, KeyBanc Capital Markets successfully advised Quavo, Inc. (Quavo), a leading provider of fraud and dispute management technology, on its sale to Spectrum Equity Management, L.P. (Spectrum Equity). 

Quavo is the category leader in end-to-end dispute management software, solving a mission-critical challenge for banks, credit unions and fintechs by streamlining every step of the consumer transaction dispute process. Quavo’s solutions enable financial institutions to deliver faster, more transparent, and more reliable dispute resolutions for account holders – helping build trust, strengthen loyalty, and modernize the way institutions engage with their account holders. QFD, the company’s flagship solution, automates the intake, investigation, chargeback, recovery, and client communications workflows across all payment methods and dispute types while ensuring regulatory compliance and enhancing the account holder experience.

Founded in 1994, Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. The firm partners with management teams to build long-term value in market-leading software, data, and information services companies. Spectrum has invested in 180+ companies and raised $11 billion in Institutional capital since founding. With offices in Boston, San Francisco, and London, the firm is investing its 10th fund.

On May 21, 2025, KeyBanc Capital Markets served as Joint Bookrunner on Hinge Health, Inc.’s (Hinge Health or the Company) $502.9 million Initial Public Offering of 15,715,900 shares, including overallotment.

Headquartered in San Francisco, California, Hinge Health leverages software, including AI, to largely automate care for joint and muscle health, delivering an outstanding member experience, improved member outcomes, and cost reductions for its clients. The Company has designed its platform to address a broad spectrum of MSK care – from acute injury, to chronic pain, to post-surgical rehabilitation. The platform helps ease members’ pain, improve their function, and reduce their need for surgeries, all while driving health equity by enabling members to engage in their exercise therapy sessions from anywhere.