What 2ndWave Software does

2ndWave Software, headquartered in Edina, Minnesota, and founded by Chris Heim and Dan Mayleben, operates as a private equity-backed software investment and advisory firm rather than a traditional product company. The firm partners with growth equity sponsor PSG to acquire and operate middle-market enterprise software companies, leveraging the founders' combined operational, business development, and technological expertise to accelerate growth. Its go-to-market is investment-led: 2ndWave originates and executes platform and add-on acquisitions, drives organic growth and operational improvements within portfolio companies, and realizes value through recapitalizations and strategic exits. The firm reports over $4.0 billion in realized transactions across roughly 10 portfolio exits, with case-study outcomes including HelpSystems (13.7x total return over six years), HighJump Software ($8 million to $80 million run rate), Amcom Software ($11 million to $55 million), Aztec Software (4.5x value increase over two years), Axium Software (3.4x enterprise value growth), and HealthTrio (30%+ annual organic software growth).

Following its April 2025 acquisition alongside PSG, 2ndWave's current operating product portfolio consists of JAMS, an enterprise job scheduling and workload automation platform, and Skybot, a complementary workload automation product, both carved out from Fortra. The firm has 11–50 employees, does not sell a unified platform product to end customers, and derives economics from investment returns and advisory value creation rather than recurring software licensing revenue directly attributable to its own balance sheet.

Name

2ndWave Software

Legal name

2ndWave Software

Website

https://2ndwavesoftware.com

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

2ndWave Software is a private equity-backed software investment and advisory firm co-founded by Chris Heim and Dan Mayleben that partners with PSG to acquire and accelerate growth in middle-market enterprise software companies, with a track record of $4 billion in completed transactions.

Ownership category

akta.pro rank

Headquarters

HQ city

Edina

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales

Revenue model

1. Investment Management and Advisory: 2ndWave Software generates returns through investing in and growing middle-market enterprise software companies, then realizing value through successful exits. Revenue is derived from successful realization of invested capital through acquisitions, organic growth, and strategic exits of portfolio companies.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

2ndWave Software is a private equity-backed investment and advisory firm that partners with PSG to acquire, operate, and grow middle-market enterprise software companies. The firm provides operational, business development, and technological expertise to accelerate portfolio company growth through organic improvements and strategic acquisitions, ultimately realizing value through exits to PE firms, strategic acquirers, or public acquirers. In 2025, the firm expanded into directly owning and operating software assets by acquiring JAMS job scheduling software and Skybot workload automation platform from Fortra.

Product overview

2ndWave Software operates as a software company investor and advisor that partners with PSG and middle-market enterprise software companies. The company focuses on leveraging operational, business development, and technological expertise to accelerate growth in its portfolio companies. The product portfolio consists of acquired software brands—JAMS (job scheduling software) and Skybot (workload automation platform)—which were acquired from Fortra in 2025 to form an independent company. 2ndWave Software does not offer a unified platform product; rather, it grows individual acquired software companies through organic growth and strategic acquisitions.

Differentiator

Problem solved

Functional benefit

Products and services

• JAMS (Job Scheduling Software) Enterprise job scheduling software that automates and manages workload scheduling, batch processing, and workflow automation across IT environments. Acquired from Fortra in April 2025 alongside Skybot to form an independent company under 2ndWave/PSG.
• Skybot (Workload Automation Platform) Workload automation platform that enables scheduling and execution of business-critical tasks and processes, acquired from Fortra alongside JAMS in April 2025 as part of 2ndWave's expansion into directly owning and operating software assets.
• Software Company Investment and Advisory Services Investment capital paired with operational, business development, and technological advisory services for middle-market enterprise software companies; services include organic growth acceleration, strategic acquisition execution, SaaS transition guidance, and improvements in UI, customer retention, financial reporting, and forecasting.

Quantifiable outcome

• Over $4.0 billion in completed transactions realized
• +4 more outcomes

Named customers6 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• FortraminorStrategic or Co-development Partner · 23 April 2025Fortra is a cybersecurity solutions provider from whom PSG and 2ndWave Software acquired JAMS (job scheduling software) and Skybot (workload automation platform). The acquisition was made to make JAMS an independent company.

Scale indicators11 records

Recent moves4 records

Expansion highlights4 records

Direct peers

• Thoma Bravo: One of the largest software-focused private equity firms, specializing in middle-market and large-cap enterprise software buyouts. Most directly comparable to 2ndWave given the shared focus on operational improvement, organic growth, and add-on M&A in vertical and horizontal software.
• Francisco Partners: Middle-market technology-focused private equity firm investing in enterprise software, IT services, and tech-enabled businesses. Closely comparable to 2ndWave in target company size, sector focus, and hands-on operating model with portfolio support functions.
• Vista Equity Partners: Large software-focused private equity firm known for operational best-practice implementation, structured growth programs, and add-on M&A in enterprise software. Highly comparable operating-partner approach to 2ndWave, although at meaningfully larger scale.
• Hg (Hg Capital): European-headquartered private equity firm focused on software and services businesses, particularly in the lower middle market. Comparable to 2ndWave in its software specialization and buy-and-build strategy, though it operates primarily in Europe.
• Bridgepoint Group: European private equity investor with a dedicated software and digital services vertical. Comparable to 2ndWave in middle-market enterprise software focus, though the geographic emphasis is primarily European.
• Permira: Global private equity firm with a significant technology and software investment practice, including enterprise SaaS and infrastructure software. Comparable to 2ndWave in its software specialization and value-creation approach, though it operates at a larger fund and deal size.
• Insight Partners: Global software-focused investor operating across growth equity and control buyouts in enterprise software. Comparable to 2ndWave in its software specialization and operational support model, though it also takes significant minority growth positions.
• Bain Capital Tech Opportunities: Bain Capital's technology-focused strategy spanning growth, venture, and buyout investments in enterprise software. Comparable to 2ndWave in its enterprise software focus and active value creation approach, with a broader stage range.
• Advent International: Large global private equity firm with a long-standing technology and software investment practice, including enterprise software buyouts. Comparable to 2ndWave in sector focus and use of operational levers, though at meaningfully larger fund and deal scale.
• KKR Technology Group: Global private equity platform with a dedicated technology investment franchise covering software, cybersecurity, and data businesses. Comparable to 2ndWave in its enterprise software focus and active ownership approach, though at a much larger scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments1 record

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

Frequently asked questions about 2ndWave Software