Transaction marks K1's seventh exit of 2024 and will contribute to over $2.9 billion in enterprise value realized YTD
MANHATTAN BEACH, Calif., Oct. 28, 2024 /PRNewswire/ -- K1 Investment Management, LLC ("K1"), one of the largest investors in small-cap enterprise software companies, today announced that its portfolio company Irwin, a leading provider of investor relations (IR) and capital markets software, has entered into a definitive agreement to be acquired by FactSet (NYSE: FDS | NASDAQ: FDS), a global financial digital platform and enterprise solutions provider. The transaction is expected to close in the coming weeks and marks K1's second exit to a publicly traded strategic buyer since the summer.
K1 Investment Management Logo (PRNewsfoto/K1 Investment Management)
Since K1's initial investment in 2021, Irwin grew revenue by 4x by introducing new products such as Irwin IQ, expanding into the European market, and securing key partnerships with groups such as FactSet and New York Stock Exchange. This growth has built upon Irwin's position as a leader in the investor relations software market, becoming a trusted solution for companies and their advisors to streamline investor engagement and relationship management.
"We are proud to have been David Whyte and Mark Fasken's lead institutional shareholder and to have partnered with them on Irwin's transformation of the IR landscape," said Tarun Jain, Principal at K1. "Our focus at K1 is to be the largest investor in small, innovative, and rapidly growing software businesses globally, and helping build them into category leaders that transform their industries. The acquisition of Irwin by FactSet is a testament to the two co-founders, the platform they built and the strength of the partnership we had with them."
Irwin's solution is used by IR professionals, who utilize the platform for investor targeting, shareholder monitoring, relationship management, and engagement analytics. The acquisition by FactSet will continue integrating Irwin's investor relations platform with FactSet's data, analytics, and research workflows, aiming to offer corporate issuers and IR teams a unified, end-to-end solution to manage their investor relations and capital markets efforts.
"The investment from K1 and subsequent partnership were critical for Irwin to scale as quickly as we did," said David Whyte, Co-Founder and CEO of Irwin. "K1's strategic guidance and operational support – as well as their domain experience in enterprise software – have been instrumental in our growth trajectory and this ultimate sale to FactSet. We are excited for this next chapter in our journey and are confident Irwin will continue to see success under FactSet's ownership."
The sale of Irwin marks K1's seventh realization in 2024, and the third sale to a strategic buyer this year. K1 has realized over $2.9 billion in enterprise value year-to-date through notable exits including GoCanvas (sold to Nemetschek Group, FRA: NEM) and Axcient (sold to ConnectWise, a Thoma Bravo portfolio company).
About Irwin Irwin empowers IR professionals with a purpose-built investor relations and capital markets platform. Our solutions integrate data and intelligent automation to streamline how teams discover and connect with investors, monitor shareholder changes, and manage every interaction. By centralizing data and eliminating administrative tasks, Irwin seeks to free IR teams to focus on strategic engagement and relationship building. Founded and headquartered in Toronto, Canada, Irwin serves a global community of public companies and their advisors who rely on our solutions to manage and enhance their investor relations programs.
About K1 K1 is one of the largest investors in small-cap enterprise software companies. Headquartered in Manhattan Beach, California, K1 partners with strong management teams of high-growth software businesses, utilizing operationally-focused growth strategies to scale portfolio companies. Dedicated to transforming industries and driving productivity, K1 has collaborated with over 240 enterprise software companies since inception.
K1's exclusive focus, driven by its single team, single office, and single fund strategy, has resulted in realizations for many of its portfolio companies. Examples include Apttus (sold to Thoma Bravo), Axcient (sold to Connectwise, backed by Thoma Bravo), Buildium (sold to RealPage, NASDAQ: RP), Certent (sold to insightsoftware, backed by TA Associates and Genstar), Checkmarx (sold to Insight Partners and Hellman & Friedman), Clarizen (sold to Planview, backed by TA Associates and TPG Capital), FMG Suite (sold to Aurora Capital Partners), GoCanvas (sold to Nemetschek Group, FRA: NEM), Granicus (sold to Vista Equity Partners and Harvest Partners), Inthinc (sold to Orbcomm, NASDAQ: ORBC), Litera (sold to Hg Capital), Rave Mobile Safety (sold to TCV; now owned by Motorola Solutions, NYSE: MSI), TeamDynamix (sold to Level Equity), Unified (now owned by iHeartMediam NASDAQ: IHRT), WorkForce Software (sold to Insight Partners, now owned by ADP, NASDAQ: ADP) and Zapproved (sold to Exterro, backed by Leeds Equity).
