What Diversis Capital does

Diversis Capital is a lower middle-market private equity firm founded in 2013 by Kevin Ma and Ron Nayot, headquartered in Westwood (Los Angeles), California. The firm invests in software and technology-enabled companies primarily in North America with additional exposure in Western Europe and Australasia, deploying equity checks between $10 million and $150 million per transaction. Revenue is generated through management fees on committed capital across institutional fund vehicles and carried interest from portfolio company exits; pricing is not publicly disclosed as offerings are structured for institutional investors and family offices.

The firm manages three sequential institutional funds totaling over $2.1 billion in committed capital—Fund I at $255 million (2019), Fund II at $675 million (2021), and Fund III at $1.2 billion (October 2025)—and currently invests out of approximately a $680 million discretionary fund alongside Fund III. The portfolio spans 50+ companies across verticals including enterprise software (ASPIRE platform via LTi, Decision Lens, ShelfWise), healthcare technology (Genesis platform combining Genesis Automation Healthcare, Kermit, and Meperia), infrastructure construction (Infotech), automotive (PureCars, AutoAlert, SalesRabbit), retail, and SMB software (Fishbowl Inventory). Diversis differentiates on a small-portfolio, operationally intensive approach backed by an in-house operating partner bench covering GTM strategy, AI/ML, customer success, technology architecture, finance, and integration execution.

Distribution is relationship-driven: deal sourcing runs through investment-bank and M&A-advisor channels, institutional LP networks, portfolio-company referrals, and selective industry events; outbound commercial effort is minimal relative to the firm's deployment pace. Recent strategic moves—Genesis roll-up (November 2025), Infotech and Decision Lens (July 2024), LTi (March 2026), and the divestiture of PDP to Turtle Beach (March 2024)—exemplify a roll-up-and-operate playbook applied across diversified software verticals.

Name

Diversis Capital

Legal name

Diversis Capital Management, L.P.

Website

https://www.diversis.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

Diversis Capital is a lower middle-market private equity firm founded in 2013 that invests $10M–$150M in software and technology-enabled companies, with over $2.1B raised across three institutional funds and a portfolio of 50+ companies.

Ownership category

akta.pro rank

Product category

Private Equity Investment Management

NAICS

All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282)

akta.pro primary industry

Growth Equity Fund-of-Funds (FSANAGAE)

Keywords

• Private equity investments
• Lower middle market
• Software company acquisitions
• Operational private equity
• Technology-enabled businesses

Headquarters

HQ city

Westwood

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Management Fees: Private equity management fees typically charged as a percentage of committed capital under management to cover fund operations and investment sourcing.
2. Carried Interest: Performance-based carried interest from successful portfolio company exits, representing a significant portion of PE returns aligned with limited partner interests.
3. Capital Gains: Returns generated through the appreciation and eventual sale of portfolio company investments, including strategic initiatives to enhance market value.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Diversis Capital is a private equity firm that makes control equity investments in lower middle-market software and technology-enabled services companies, with equity checks ranging from $10M to $150M. The firm raises institutional funds (currently Fund III at $1.2 billion) from limited partners and partners with portfolio company management teams to drive operational improvements and accretive M&A, while maintaining a small-portfolio approach across North America, Western Europe, and Australasia.

Product overview

Diversis Capital operates as a private equity firm with a portfolio of software and technology-enabled companies. The portfolio includes the ASPIRE platform for equipment finance lifecycle management; Decision Lens for government planning software; Infotech's construction SaaS suite (Appia, Bid Express, Doc Express, AASHTOWare Project); the Genesis platform combining healthcare supply chain and inventory management; ShelfWise's AI-powered image recognition for retail; AutoAlert's equity mining software for automotive dealerships; Fishbowl Inventory management for QuickBooks users; and SalesRabbit field sales enablement software. These represent standalone platforms with specialized modules serving equipment finance, government, construction, healthcare, retail, automotive, and field sales verticals.

Differentiator

Problem solved

Functional benefit

Products and services

• Diversis Capital Partners Fund I LP
• Diversis Capital Fund II
• Diversis Capital Fund III
• ASPIRE Platform
• Decision Lens
• Genesis Healthcare Supply Chain Platform
• Infotech Construction Software
• Fishbowl Inventory
• AutoAlert
• ShelfWise
• SalesRabbit

Named customers5 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability9 records

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Vista Equity Partners: Vista Equity Partners is a leading software-focused private equity firm that invests in enterprise software, data, and technology-enabled companies. Its operationally focused model and sector specialization closely mirror Diversis's strategy, though Vista deploys capital at significantly larger scale.
• Accel-KKR: Accel-KKR is a technology-focused private equity firm investing in middle-market software and technology-enabled services companies. Its deal size range and operational approach directly overlap with Diversis's $10-150M equity check strategy for recurring-revenue software businesses.
• Mainsail Partners: Mainsail Partners is a growth equity firm focused on B2B software and technology-enabled services companies. Its middle-market software specialization and recurring-revenue investment criteria align closely with Diversis's core strategy.
• TA Associates: TA Associates is a global growth private equity firm investing in technology, financial services, and healthcare companies. Its software and technology-enabled services focus and growth-stage investment approach are directly comparable to Diversis's lower middle-market software strategy.
• JMI Equity: JMI Equity is a growth equity firm focused on software, internet, and tech-enabled services businesses, typically taking control or significant minority positions. Its middle-market software investment strategy and operational value-add model closely parallel Diversis's approach.
• Insight Partners: Insight Partners is a global software and technology investor making control and growth equity investments in software companies. Its portfolio of vertical SaaS and tech-enabled services businesses overlaps directly with Diversis's lower middle-market focus on recurring-revenue software.
• Thoma Bravo: Thoma Bravo is the largest software-focused private equity firm globally, with a track record of taking control equity stakes in enterprise and vertical software companies. Like Diversis, it focuses exclusively on software and technology-enabled businesses and employs an operationally intensive value-creation approach, though at materially larger fund sizes.
• Sumeru Equity Partners: Sumeru Equity Partners is a lower middle-market software and technology-focused private equity firm making control equity investments. Its sector focus and deal-size range make it one of the most direct comparables to Diversis in the lower middle-market software PE segment.
• Hg Capital: Hg Capital is a European-headquartered private equity firm focused exclusively on software and technology-enabled services. Its mid-market control equity strategy and software specialization make it one of the closest comparables to Diversis, particularly given Diversis's Western European footprint.

Broad incumbents

• Bain Capital Tech Opportunities: Bain Capital's Tech Opportunities fund invests in mid- and late-stage technology and software companies as part of a broader private equity platform. While not exclusively software-focused like Diversis, its tech specialization and growth-stage approach create meaningful overlap with Diversis's investment criteria.

Market position

Strengths1 record

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/diversis-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A13 records

Investments9 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Diversis Capital