Alpine Investors’ ASG Acquires ProfitSword, Market Leading Hospitality Software
ORLANDO, Fla. & WALNUT CREEK, Calif.--(BUSINESS WIRE)--Nov 17, 2020--
ASG, a portfolio company of Alpine Investors that buys, builds and operates vertical SaaS companies, today announced that it has acquired ProfitSword, a hotel property operations software that provides business intelligence and data management software for the hospitality industry.
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This deal marks the 30th acquisition for ASG and the 2nd in the ASG Hospitality Technology vertical.
“We are incredibly excited and honored that ProfitSword chose ASG for their next chapter of growth,” said Steve Reardon, President of ASG. “Tili, Mike and the entire ProfitSword team deeply understand their customer and have built an exceptional product that has proven mission critical to hotel properties during COVID. We look forward to further investing in ProfitSword and remain bullish about the future of hotel operations software.”
Headquartered in Orlando, FL, ProfitSword was founded in 2001 by Tili Findley and Mike Patton. As support services in hospitality, particularly accounting, moved from a decentralized environment to a centralized environment, property managers did not have the tools to properly manage the financials. With her extensive knowledge of hospitality accounting, Tili knew there was a vacuum, and she formulated a plan to bring state-of-the-art software to the fingertips of operators. She found the right partner in Mike Patton who had years of experience in programming web-based (cloud-based) solutions. Today, Tili, Mike and the ProfitSword team have designed an advanced operational and reporting business intelligence software suite including: ProfitSage, ProfitPlan, ProfitPace, ProfitDaily, ProfitWizard, and ProfitAbility which are now in use by more than 3,000 properties across the U.S.
Tili and Mike will transition out of the business at the end of the year. Maureen Allen (President), Brian Treadwell (Chief Process and Innovation Officer) and John Crutchfield (COO) will remain in the business. In addition, ProfitSword will welcome two new members to their leadership team Rob Ryan from ASG will join as Chief Revenue Officer and Ali Jenab from Alpine Investors will join as Executive Chairman.
“ASG was the clear choice for ProfitSword as we looked to continue our growth and innovation of new solutions for operators,” says Tili Findley, co-Founder of ProfitSword. “They have a deep understanding of software businesses that completely aligned with our company values and long-term vision. Like ProfitSword, ASG values the customer relationship and associates who work hard every day to benefit our partners.”
Wells Fargo Advisors served as exclusive financial advisor to ProfitSword.
Founded in 2001, ProfitSword’s mission is to provide exceptional business intelligence tools to the business community, specializing in data collection and integration, data analytics, operational functionality and reporting at all levels of the organization. The ProfitSword Suite is now in use by more than 50,000 users across 3,000+ business units. ProfitSword’s award-winning SaaS solutions provide the end user with applications for consolidated, real-time reporting and data management. ProfitSword uses various available methods of gathering data from disparate sources to create a powerful data warehouse. The suite of applications is accessible to all levels of users throughout the organization.
ASG, backed by Alpine Investors, is a unique and fast-growing software business that buys, builds, and operates market-leading vertical SaaS companies. ASG believes deeply in the power of people and data to grow great organizations, and that sharing knowledge, expertise, and resources across its community of businesses drives exponential growth. Founders of leading SaaS companies continue to trust ASG to grow their businesses and build even stronger legacies for the future.
About Alpine Investors
Alpine Investors is a people-driven private equity firm that is committed to building enduring companies by working with, learning from, and developing exceptional people. Alpine specializes in middle-market companies in the software and services industries. Its PeopleFirst strategy includes a CEO-in-Residence program where Alpine partners with CEOs first and places them into companies as part of the transaction. This provides a distinct solution for situations where additional or new management is desired post-transaction. For more information, visit http://www.alpineinvestors.com/.
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