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- Climb's M&A Weekly: Klimt, SoundHound, and Sverica Capital all feature
Climb's M&A Weekly: Klimt, SoundHound, and Sverica Capital all feature
Klimt& Inc. acquires Primer and SoundHound AI purchases Interactions
Climb Advisors Weekly
September 14, 2025
Welcome back to the Climb Advisors 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.
Klimt& Inc. purchases Primer
Overview: Klimt& Inc., a holding company that is redefining marketing for the AI era, acquires Primer, a hypergrowth agency specializing in paid media and trusted by some of the world’s fastest-growing brands. Primer has been around for over 10 years and has managed billions in ad spend while scaling companies from an idea all the way to an IPO. Primer will continue to operate under its own name and will continue to be the same hypergrowth agency it has been while seeing expanded capabilities under the Klimt& umbrella. Read more here.
Climb Comment: Primer joins portfolio companies, Klimt & Design and Uplift Content, underneath the Klimt& umbrella. The deal makes strategic sense with Klimt & Design being a branding and product studio and Uplift Content being a leader in the content marketing space. With all three of these companies under the Klimt& umbrella, Klimt& can now offer an end-to-end marketing solution for its clients. Clients increasingly want end-to-end partners that can handle all aspects of marketing from brand strategy to content to ad spend and this is exactly what Klimt& is building. In a highly fragmented space and with Klimt&’s expertise in scaling agencies look for them to continue to be active on the M&A front.
Horizon Quantum merges with dMY Squared
Overview: Horizon Quantum, a developer of advanced software tools that connect quantum hardware and applications, is merging with dMY Squared, a publicly traded special purpose acquisition company (SPAC). The transaction will take Horizon Quantum public, providing the company with additional capital to accelerate its research, product development, and commercialization efforts. The new company will be called Horizon Quantum Holdings with the ticker HQ. Read more here.
Climb Comment: Publicly listed quantum companies have risen dramatically over the past few years with quantum computing seen as the next big thing after the AI wave. Quantum computing is still in its early stages but is viewed as a transformative technology for industries ranging from pharmaceuticals to logistics and finance. Horizon Quantum’s merger with dMY Squared reflects continued investor appetite for quantum startups despite market volatility. Going public via SPAC allows Horizon to access capital markets more quickly than through a traditional IPO and the merger values Horizon at ~$503 million. The hardware necessary for quantum computing is incredibly complex and a lot of the advancement that has occurred in quantum to date has to do with developing this hardware. Horizon builds a software tech stack that simplifies the creation of quantum software so these complex machines can actually work.
Sverica Capital Management acquires majority stake in Raken
Overview: Sverica Capital Management makes a growth investment in Raken, a construction field management software company. Raken’s platform helps contractors and builders manage daily reporting, project tracking, and workforce productivity in the field. Raken serves over 4,500 construction firms, subcontractors, and general contractors. Read more here.
Climb Comment: Over the past few years Raken has experienced rapid growth growing from 13,000 to 70,000 users. Construction software adoption has grown rapidly as the industry becomes increasingly digitized and construction firms look to improve operational efficiency. Raken sits in the “jobsite software” niche, which has seen strong private equity interest. Sverica’s investment gives Raken the resources to expand beyond reporting into adjacent areas.
UltraViolet Cyber, backed by Achieve Partners, acquires Black Duck Services’ application security testing business
Overview: UltraViolet Cyber, a cybersecurity services firm backed by Achieve Partners, acquires the application security testing business of Black Duck Services. The unit provides dynamic application security testing and vulnerability management for enterprise clients. The acquisition significantly expands the application security testing capabilities of UltraViolet. Read more here.
Climb Comment: UltraViolet Cyber provides unified offensive and defensive cybersecurity services to its clients. As AI becomes more integrated in workflows the risk of cyber threats increase dramatically. This is one reason why cybersecurity M&A has been hot recently and will continue to be so. Application security testing is one of the fastest growing subsegments, driven by DevSecOps adoption. UltraViolet has been executing a roll-up strategy in the cybersecurity space as this is their fifth acquisition since 2022, and this carve-out adds depth in application-layer defenses.
SoundHound AI acquires Interactions
Overview: SoundHound AI, a provider of voice and conversational AI, acquires Interactions, a conversational AI company serving enterprises in retail, hospitality, and customer service. The deal combines SoundHound’s natural language processing technology with Interactions’ enterprise-grade conversational solutions. The combined platform will serve a wide range of customer engagement use cases. Read more here.
Climb Comment: This acquisition values Interactions at ~$60 million and follows a period of rapid growth for SoundHound. In its most recent quarter its revenue tripled YoY and the company processed nearly 3 billion conversational AI queries. Conversational AI is a hot category, with demand accelerating across customer service and digital commerce. Together, the two companies will be able to cross-sell, upsell, and expand into new geographies and channels.
Article of the week
The article of the week this week is from Joe K. Raymond. He posts historical case studies that are exceptional. This one is about a 13x return in a preferred stock post GFC.
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