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- Climb's M&A Weekly: Gemspring, PlayMetrics, and Cantaloupe all feature
Climb's M&A Weekly: Gemspring, PlayMetrics, and Cantaloupe all feature
Gemspring backs ROR Partners and PlayMetrics merges with Stack Sports
Climb Advisors Weekly
June 22, 2025
Welcome back to the Climb Adviso
rs weekly newsletter with five deals from across the B2B tech landscape.
Climb Advisors focuses on sell-side advisory for B2B Software and services companies generating $5m-$15m in revenue. We also advise on credit solutions for companies of the same profile & in select cases engage in retained buy-side processes for quality buyers. We love to talk markets and make introductions - please don’t hesitate to reach out if you’re a founder or investor looking to transact.
PlayMetrics merges with Stack Sports
Overview: PlayMetrics, a youth sports management platform, is merging with Stack Sports, a sports industry technology platform. The combined entity will serve over 50,000 sports organizations and millions of athletes across North America. The merger brings together PlayMetrics' performance analytics capabilities with Stack Sports' league management and tournament solutions. Read more here.
Climb Comment: The youth sports technology market, along with many other markets, has been consolidating as customers prefer end-to-end solutions. Stack Sports has been pursuing an inorganic growth strategy, having previously acquired TeamSnap, SportsEngine, and Blue Sombrero. The combined platform can now offer everything from registration and scheduling to performance tracking and college recruiting services.
ROR Partners, backed by Gemspring Capital, acquires Incline Marketing
Overview: ROR Partners, a digital marketing agency backed by Gemspring Capital, purchases Incline Marketing, a marketing firm focused on e-commerce and direct-to-consumer brands. This acquisition expands ROR's capabilities in paid media management and conversion optimization. Incline Marketing will integrate its Amazon advertising and social media marketing with ROR's existing digital marketing services. Read more here.
Climb Comment: Gemspring continues its M&A activity across numerous verticals. The digital marketing services space remains highly fragmented, which fits the mold for the “roll up” strategy that has gotten popular in PE over the years. ROR Partners is looking to build a full service digital marketing agency. E-commerce marketing has become increasingly complex, making solutions like Incline's Amazon advertising capabilities particularly valuable.
Tipalti acquires Statement, a Tel-Aviv based AI-powered treasury platform
Overview: Tipalti, an accounts payable automation platform, acquires Statement, an AI-powered treasury management solution. The acquisition will integrate Statement's predictive cash flow analytics and treasury optimization tools into Tipalti's existing accounts payable automation platform. Statement's AI capabilities help organizations forecast cash flows and optimize working capital management. Read more here.
Climb Comment: This acquisition represents Tipalti's expansion outside of accounts payable automation and into broader financial operations management. Cash flow forecasting and payables management are closely linked functions in the back office so the solutions should integrate well. This expansion by Tipalti comes shortly after accounts payable automation platform, AvidXChange, was acquired by Corpay. Tipalti looks to be trying to put together a more comprehensive solution for its clients.
365 Retail Markets, backed by Providence Equity Partners, acquires Cantaloupe
Overview: 365 Retail Markets, backed by Providence Equity, purchases Cantaloupe, a payments and software solutions company for the vending and micro-market industry. The deal values Cantaloupe at ~$1.2 billion, or $11.20 per share. The acquisition creates a comprehensive platform serving a ~$25 billion unattended retail market. Read more here.
Climb Comment: The purchase price of $11.20 per share represents a significant premium to the ~$9.50 per share Cantaloupe was trading at prior to the acquisition announcements. The equity value of $848 million means 365 is paying ~23x TTM EBITDA. The unattended retail market has become heavily digitized. Vending machines now have analytics and inventory management systems integrated into them. 365 Retail Markets has been expanding inorganically, and Cantaloupe brings payment processing capabilities and a large installed base of vending operators. Providence's backing gives the new company the capital to continue growing inorganically and invest in next-generation retail technology.
Roima Intelligence, backed by Corten Capital, acquires TilliT
Overview: Roima Intelligence, a supply chain digitalization company backed by Corten Capital, acquires TilliT, a provider of inventory optimization and demand planning software. TilliT's AI-driven demand forecasting capabilities will enhance Roima's existing supply chain management solutions for manufacturing and retail clients. The acquisition strengthens Roima's position in the Nordic market while adding advanced analytics capabilities. Read more here.
Climb Comment: Supply chain technology has become a critical investment area as companies seek to build more efficient operations following the pandemic. Roima's acquisition strategy appears focused on building a platform that combines ERP integration with AI-powered planning tools. TilliT's demand planning capabilities are particularly valuable as companies struggle with inventory optimization in volatile markets.
Article of the week
Article this week is from a twitter account, Finding Compounders. This article highlights how important ROIC is for valuation when looking to make an investment.
Thanks for following along & hope you found something useful or interesting. Please don’t hesitate to reach out if you’re considering a sale this year - we’re always glad to chat & share perspective.
All the best,
Nick