Climb Advisor's M&A Weekly
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Climb's M&A Weekly: Stripe, DoorDash, and Bain all feature

Climb's M&A Weekly: Stripe, DoorDash, and Bain all feature

Stripe acquires Privy and DoorDash continues its M&A activity

Climb Advisors Weekly
June 15, 2025

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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.

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Stripe acquires Privy, a crypto wallet infrastructure provider

Overview: Stripe, a fintech payments platform, acquires Privy, a cryptocurrency wallet infrastructure developer. Privy streamlines onboarding into consumer crypto applications by providing developer libraries and embedded wallet solutions that operate natively within apps. Read more here.

Climb Comment: The digital payments space is rapidly evolving with new features and the rise of stablecoins. This acquisition deepens Stripe's cryptocurrency strategy after acquiring stablecoin simplifies the experience for new crypto users. Privy will remain an independent product but will operate under Stripe's umbrella. The deal positions Stripe to capitalize on the growing institutional crypto adoption and the $27.6 trillion stablecoin volume market.

DoorDash acquires AdTech firm, Symbiosys

Overview: DoorDash acquires Symbiosys, an advertising technology company, for $175 million to expand its advertising platform capabilities. Founded two years ago, Symbiosys builds software to help retailers sell off-site advertising. DoorDash also announced it has surpassed $1 billion in annualized ad revenue. Read more here.

Climb Comment: Symbiosys focuses specifically on off-site ads, these are ads that are placed outside of a retailer's own website. This capability is not common in the restaurant industry. Symbiosys' platform lets advertisers run campaigns across search, social, and display, all integrated with DoorDash's system. This acquisition comes as DoorDash continues its acquisition spree, having announced deals for Deliveroo and SevenRooms in May, demonstrating the company's commitment to building a comprehensive commerce platform.

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Sixth Street Growth acquires majority stake in Wealthbox

Overview: Sixth Street Growth Partners acquires a majority stake in Wealthbox, a customer relationship management (CRM) platform designed specifically for financial advisors. Wealthbox's cloud-based solution helps financial advisors manage client relationships, track interactions, and streamline their workflow processes. Recently, the platform has gained significant traction among independent financial advisors and RIA. Read more here.

Climb Comment: The investment from Sixth Street Growth will accelerate Wealthbox's product development and market expansion efforts. Wealthbox differentiates itself in the crowded financial services CRM market through its user-friendly interface and advisor-centric features. The financial advisory industry has been increasingly adopting modern technology solutions, and Wealthbox is positioned to capitalize on this trend as advisors seek to digitize their client management processes and improve operational efficiency.

Capital Rx acquires Amino Health, a healthcare navigation solution

Overview: Capital Rx, a full-service pharmacy benefit manager (PBM), acquires Amino Health, a healthcare navigation and transparency platform that helps consumers find and compare healthcare providers and costs. Amino Health's platform provides data-driven insights to help patients make decisions while reducing spending. Read more here.

Climb Comment: Amino Health's technology platform analyzes vast amounts of healthcare data to provide personalized recommendations for patients, helping them find quality care at lower costs. This deal strengthens Capital Rx's position in the evolving PBM landscape, where companies are increasingly focused on delivering value-based care and improving patient outcomes while keeping costs low.

Bain Capital makes minority investment in ARCOS

Overview: Bain Capital makes a minority investment in ARCOS, a leading provider of supply chain management software for the petroleum and convenience store industries. ARCOS's cloud-based platform helps fuel retailers and distributors manage inventory, logistics, and compliance across their operations. The company serves over 1,400 customers globally, including major fuel brands and independent operators. Read more here.

Climb Comment: Bain Capital's investment will support ARCOS's continued product innovation and will attempt to increase market penetration as the fuel retail industry goes through a digital transformation. The investment reflects the growing importance of supply chain technology in traditional industries, particularly as companies seek to optimize operations and ensure regulatory compliance in an increasingly complex business environment.

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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

^{Nick Cellura}

^{Principal, Climb Advisors}

^{Book a}^Call