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Climb's M&A Weekly: MARI, Machinify, and One Equity all feature
MARI acquires TodayTix and Machinify takes Performant Healthcare private
Climb Advisors Weekly
October 26, 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.
Machinify, backed by New Mountain Capital takes Performant Healthcare private
Overview: Machinify, backed by New Mountain Capital, takes Performant Healthcare private in a deal valued at ~$670 million, or $7.75 per share. The purchase price represents a premium of approximately 139% to Performant's 90-day volume weighted average price of $3.25 per share. Read more here.
Climb Comment: Performant Healthcare, based in South Florida, focuses on healthcare payments technology and offers programs to help health plans identify improper payments and recoup capital lost due to errant billing practices. This marks Machinify's second major acquisition in 2025, expanding its AI-powered platform to reach government program clients while building on its existing relationships with national and regional insurers. New Mountain Capital acquired Machinify in early 2025, combining it with The Rawlings Group, Apixio's Payment Integrity business, and Varis.
Mainsail Partners invests $54 million into CourtReserve
Overview: Mainsail Partners makes a $54 million growth investment into CourtReserve, a club management software platform used by more than 2,000 racquet clubs and paddle sports facilities and five million players. The investment will fuel accelerated product development, enhance customer service and support, deepen integrations, and expand the company's market reach to sports facilities across North America. Read more here.
Climb Comment: All sports have been rapidly growing since the pandemic and paddle sports are no exception. See the rise of pickleball over the last half decade. With support from Mainsail Partners, CourtReserve will work on scaling its platform, enhancing its AI features, and forming new partnerships with recreation organizations, universities, and multi-club operators. The investment comes at a time when the racquet and paddle sports industry, particularly pickleball, is experiencing rapid growth and clubs are increasingly looking for all-in-one software solutions to streamline their operations.
One Equity Partners acquires a stake in Digital Value
Overview: One Equity Partners acquires a majority stake in Digital Value, an Italian technology solutions-focused Value-Added Reseller listed on the Milan Stock Exchange. Digital Value is headquartered in Rome and was created in 2018 from the merger of Italware and ITD Solutions. The Company provides Big Data, AI and cloud computing solutions, data management infrastructure, and workplace digitalization services working in partnership with technology vendors. Read more here.
Climb Comment: One Equity Partners plans to deploy its M&A strategy in the still fragmented Italian technology market, with the goal of expanding Digital Value further and delivering IT infrastructure, data management, workplace enhancement, and other mission-critical solutions to more customers across all key industries in Italy. OEP sees Digital Value as the perfect platform to replicate the value creation playbook it has used in similar technology companies in other markets, both in Europe and the United States.
MARI acquires TodayTix Group from Great Hill Partners
Overview: MARI, the global events and experiences company that was just launched by Ari Emanuel, acquires TodayTix Group from Great Hill Partners. TodayTix operates an online platform selling tickets to shows and other live events, with more than 20 million members across the U.S., U.K., and Australia. Its brands include TodayTix, Secret Cinema, LondonTheatre and Show-Score. Read more here.
Climb Comment: Great Hill Partners invested in TodayTix in 2019. Brian Fenty, co-founder and CEO of TodayTix Group, will remain CEO of the company with an expanded remit across MARI's portfolio and will also join MARI's executive leadership team. MARI was launched earlier in October and raised $2 billion in funding from investors including Apollo, RedBird Capital Partners, Qatar Investment Authority, and others. The company's portfolio already includes the Miami Open and Madrid Open tennis tournaments, Frieze contemporary art organization, and Barrett-Jackson collector car auctions. Ari Emanuel has a proven track record of success in his other previous ventures and this new one looks to be off to a hot start.
Caylent, backed by Gryphon Investors, acquires Trek10
Overview: Caylent, an Amazon Web Services (AWS) partner, acquires Trek10, also an AWS partner, in a strategic move that expands Caylent's portfolio into managed services and strengthens its ability to deliver end-to-end AWS services for customers. The acquisition is backed by Gryphon Investors, Caylent's private equity firm. Read more here.
Climb Comment: Gryphon Investors made a majority growth investment in Caylent in November 2022, marking its third investment in an ecosystem-focused IT services firm. Trek10 was founded in 2013 and is based in South Bend, Indiana. The acquisition combines Caylent's expertise in migration, modernization, generative AI, and data strategy with Trek10's extensive capabilities in managed services, cloud operations, and AWS competencies such as IoT, Travel and Hospitality, and Retail. The deal positions the combined company for potential international expansion, including into EMEA markets.
Article of the week
Since we highlighted Ari Emanuel’s newly launched MARI in the newsletter, here is a great podcast that just dropped with him this week.
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