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- Climb's M&A Weekly: Vista, Thoma Bravo, and Francisco Partners all feature
Climb's M&A Weekly: Vista, Thoma Bravo, and Francisco Partners all feature
Vista acquires a majority stake in Nexthink and Thoma Bravo backs Ping Identity
Climb Advisors Weekly
November 02, 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.
Vista Equity Partners acquires majority stake in Nexthink
Overview: Vista Equity Partners acquires a majority stake in Nexthink, a provider of Digital Employee Experience (DEX) management software, in a deal valuing the company at $3 billion. Nexthink's platform monitors and optimizes IT performance across employee devices, applications, and networks in real-time. Read more here.
Climb Comment: Nexthink was founded in 2004 as a spin-off from École Polytechnique Fédérale de Lausanne in Switzerland and achieved unicorn status in 2021 when Permira led a $180 million Series D at a $1.1 billion valuation. Vista is now buying out Permira and other existing investors in this transaction. Nexthink's agentic AI capabilities enable IT teams to detect and resolve issues proactively before they impact productivity. Going private with Vista should provide Nexthink with greater flexibility to invest in AI innovation and pursue strategic acquisitions as it scales to its next phase of growth.
Next Glass, backed by PSG, acquires Ekos
Overview: Next Glass, a provider of software and data solutions to the beverage alcohol industry, purchases Ekos, a supply chain management platform for craft beverage producers. Ekos serves over 1,200 breweries, distilleries, cideries, wineries, and cannabis beverage producers with tools for production management, inventory tracking, B2B ordering, and compliance reporting. Read more here.
Climb Comment: Founded in 2013 and backed by Boston-based PSG Equity, Next Glass has built a comprehensive ecosystem for the beverage industry including the popular Untappd consumer app, Ollie brewery management software, and other platforms. The craft beverage industry has faced persistent inflationary and supply chain pressures over recent years, making efficient operations more critical than ever. Ekos replaces manual processes with automated workflows that handle everything from production scheduling to TTB reporting. Next Glass plans to integrate Ekos with its existing platforms to create a B2B ordering experience connecting producers with nearly 15,000 bars, restaurants, and retailers already using Untappd for Business. Next Glass also announced a two year price freeze for existing Ekos customers.
Francisco Partners takes Jamf private
Overview: Francisco Partners takes Jamf private in a $2.2 billion all-cash transaction. The deal values shares at $13.05 each. Jamf provides device management and security software for enterprises, educational institutions, and governments using Apple products. Read more here.
Climb Comment: Vista Equity Partners, which held a 34% stake in Jamf, will fully exit its investment when the transaction closes in Q1 2026. Jamf went public in 2020 at $26 per share and reached a market cap of $4.6 billion on its first day of trading. The company has faced challenges recently, including laying off over 6% of its workforce in July 2025, though it has shown improving financials with net losses narrowing significantly year-over-year. Earlier this year, Jamf acquired IAM platform Identity Automation for $215 million, signaling its strategy to expand capabilities beyond device management.
Ping Identity, backed by Thoma Bravo, acquires Keyless
Overview: Ping Identity acquires Keyless Technologies, a London-based provider of privacy-preserving biometric authentication. Keyless's Zero-Knowledge Biometrics technology uses cryptographic techniques to verify users' face biometrics without storing retrievable biometric data, addressing privacy concerns while enabling fast authentication. The technology will be integrated into the Ping Identity Platform to strengthen fraud prevention and user assurance. Read more here.
Climb Comment: Thoma Bravo took Ping Identity private in 2022 for $2.8 billion and combined it with ForgeRock in 2023 to create a market leader in access management solutions. The combined entity now approaches $1 billion in annual recurring revenue. Keyless's technology offers authentication performance and includes deepfake detection capabilities, critical features as AI-driven impersonation threats continue to grow. With traditional password-based security proving inadequate against modern threats, privacy-preserving biometric authentication represents the future of digital identity. This deal strengthens Ping's vision of unifying identity management across customer, workforce, and B2B use cases with verified trust throughout the entire identity journey.
Mainsail Partners invests $35 million into FieldFlo
Overview: Mainsail Partners invests $35 million in FieldFlo, a provider of project and safety management software for specialty subcontractors. FieldFlo's cloud-based, mobile-first platform helps contractors in high-compliance industries like abatement, demolition, and hazardous materials management digitize workflows for time tracking, certifications, incident reporting, and inventory management. Read more here.
Climb Comment: FieldFlo serves as both a system of record and risk management tool, helping contractors reduce on-site incidents, lower insurance claims, and improve their underwriting profiles. The platform's interface and workflows have driven strong adoption. FieldFlo recently launched Safety Academy, a centralized training and certification platform, and FLŌTime, an enhanced timesheet solution providing verifiable proof of compliance with labor standards. With Mainsail's investment and deep experience scaling construction technology platforms, FieldFlo is positioned to accelerate product innovation and expand across North America as safety and compliance requirements continue to intensify.
Article of the week
Once again we are attaching Horizon Kinetics’ Quarterly Commentary here as has become tradition each quarter.
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