Access SaaS Private Company Survey Results

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.

In April 2025, KeyBank successfully closed Senior Secured Credit Facilities for Mindgruve. Proceeds from the facilities will be used to fund the acquisition of Levelwing, a nationally recognized performance marketing and data technology company, refinance existing debt, and cover transaction costs. KeyBank acted as Sole Lender on the transaction.

Founded in 2001 and headquartered in San Diego, California, Mindgruve is a modern media, commerce, and data technology company. The agency rapidly expanded through strategic mergers with Macarta, Icon Commerce, and most recently, Levelwing. With over 400 employees across eight offices in the U.S., Latin America, and Europe, Mindgruve delivers full-funnel modern media, commerce, and predictive marketing solutions to global brands.

On February 21, 2025, KeyBanc Capital Markets successfully advised Ravelin Technology Ltd. (Ravelin), a leading AI-native enterprise fraud prevention technology platform, on its sale to Worldpay International Group Ltd. (Worldpay), a portfolio company of GTCR.

Ravelin is a leading fraud prevention platform trusted by global brands to protect against the myriad threats posed by fraudsters. The company’s fraud prediction and prevention solutions identify payment fraud, account takeover, return and refund abuse, promotion and voucher abuse, and marketplace fraud. Ravelin also performs 3D-Secure identification. With a proven track record of delivering tangible results, Ravelin is committed to helping businesses thrive in an increasingly complex digital landscape.

Worldpay is an industry-leading payments technology and solutions company with unique capabilities to power omni-commerce around the globe. Its processing solutions allow businesses of all sizes to take, make, and manage payments in person and online from anywhere in the world. Annually, Worldpay processes more than 50 billion transactions in 146 countries and 135 currencies, helping its customers become more efficient, more secure, and more successful.

On January 8, 2025, KeyBanc Capital Markets (KBCM) successfully advised Gluware, Inc. (Gluware), on its acquisition by Cuadrilla Capital, LLC (Cuadrilla Capital). KBCM was engaged as the Exclusive Financial Advisor because of its industry leading infrastructure software sector expertise and strong M&A capabilities.

Gluware powers the world’s most complex enterprise networks with enterprise-grade, intent-based, multi-vendor, intelligent network automation — ready out-of-the-box or as a unifying developer platform. The leading choice of the Global 2000, Gluware’s self-operating and auto-remediating platform handles millions of network changes simultaneously, flawlessly, and in minutes, saving businesses significant time and resources. Gluware is the only turnkey, intelligent network automation software platform for NetOps and NetDevOps that automates enterprise networks in as little as 30 days.

Cuadrilla is a leading enterprise software investment firm founded in 2021 with over $500 million in assets under management. Cuadrilla partners with exceptional SaaS companies with strong product-market fit and significant strategic value to drive accelerated growth and long-term success. The firm is headquartered in Santa Barbara, California.