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Climb's M&A Weekly: Thoma Bravo, Accel-KKR, & CD&R all feature
Thoma Bravo backed Imprivata acquires Verospint and Accel-KKR invests in Phocas Software
Climb Advisors Weekly
October 19, 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.
Imprivata, backed by Thoma Bravo, acquires Verosint
Overview: Imprivata, a provider of access management solutions for healthcare and mission-critical industries, purchases Verosint, an Identity Threat Detection and Response (ITDR) platform. Verosint's AI-powered risk engine will be integrated into Imprivata's Enterprise Access Management platform to strengthen security. Read more here.
Climb Comment: Thoma Bravo originally acquired Imprivata back in 2016 for $544 million, or $19.25 per share. Since going private, Imprivata has continued expanding its access management capabilities, particularly in healthcare IT security. Verosint, founded in 2021, had raised just $14 million before this acquisition according to Pitchbook. The acquisition enhances Imprivata's ability to continuously monitor access behaviors and make sure that every access request is appropriate. With ITDR capabilities, Imprivata can now detect identity-based threats before they can cause any damage.
R1, backed by TowerBrook and CD&R, acquires Phare Health
Overview: R1, a provider of technology-driven revenue cycle management solutions, acquires Phare Health, a developer of AI-native technology for automating inpatient coding and clinical documentation improvement. The Phare Health team will join R1's R37 innovation lab, where R1 already has agentic AI applications achieving autonomous coding accuracy rates as high as 97% for certain service lines. Read more here.
Climb Comment: TowerBrook and CD&R took R1 private in November 2024 for $8.9 billion, or $14.30 per share. The deal came after months of offers, with TowerBrook already owning 36% of the company before the take-private. Since closing, R1 has been accelerating its AI and automation capabilities. Unlike traditional keyword extraction systems, Phare Health's AI engine has the ability to read all structured and unstructured data. This allows for more accurate coding on complex inpatient cases.
Security 101 purchases Security & Energy Technologies Corporation
Overview: Security 101, a portfolio company of Gemspring Capital and provider of commercial security solutions, acquires Security & Energy Technologies Corporation (SETEC), a Virginia-based systems integrator. SETEC, founded in 1987, serves both commercial and federal government clients with access control, video surveillance, intrusion detection, and life-safety systems. This acquisition expands the company’s footprint in the D.C. region. Read more here.
Climb Comment: Gemspring Capital acquired Security 101 back in January 2022 and has been very active on the M&A front since then. SETEC's experience serving high-security federal and enterprise clients strengthens Security 101's presence in the Mid-Atlantic market, particularly in the Washington, D.C. region. Robert Donnelly, a longtime member of SETEC's leadership team, will serve as general manager overseeing D.C. operations. Just this week, Security 101 announced two additional acquisitions in San Antonio and Minneapolis as they continue building a national security integration platform.
Accel-KKR acquires a majority stake in Phocas Software
Overview: Accel-KKR, a technology-focused investment firm, makes a majority investment in Phocas Software, a Business Intelligence and Financial Planning & Analysis platform for the middle market. Phocas serves over 2,800 businesses globally, with a focus on manufacturers, distributors, and retailers. Read more here.
Climb Comment: Phocas, headquartered in Sydney, connects to industry ERPs and consolidates data sources into a single platform for fast, accurate insights. Accel-KKR's investment will accelerate Phocas's global market expansion by investing in product development, customer success, and partner services teams. Accel-KKR, with $23 billion in cumulative capital raised, has been active in acquiring Australian software companies recently, including workforce management business Humanforce and data analytics firm Health Metrics earlier this year.
Learning Pool, backed by Marlin Equity Partners, acquires WorkRamp
Overview: Learning Pool, a global learning technology company backed by Marlin Equity Partners, purchases WorkRamp, a San Francisco-based next-generation Learning Management System platform designed for high-growth and mid-market companies. The acquisition expands Learning Pool's ability to serve a broader spectrum of customers by combining its enterprise-grade suite with WorkRamp's intuitive LMS. Read more here.
Climb Comment: Marlin Equity Partners originally acquired Learning Pool in 2021 for ~€175 million from Carlyle Cardinal Ireland. Since then, Learning Pool has grown significantly through organic expansion and strategic acquisitions. WorkRamp's strong presence in the U.S. middle market complements Learning Pool's existing platform and global strategy. The combined entity now serves over 1,100 customers across the UK and U.S., delivering digital learning solutions to more than 5 million learners each year.
Article of the week
The article this week is a very well written article about the evolution of electricity and how it relates to the AI age.
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