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Symphony Technology Group

STG (formerly Symphony Technology Group), is a founded in 2002 and headquartered in . The firm focuses on investing in and scaling mid-market leaders in , , , and software-enabled technology services, employing a value-oriented that emphasizes partnering with teams to enhance operational efficiency, customer-centric innovation, and global expansion. STG was established by entrepreneur , who served as its initial chairman and CEO, with a mission to build outstanding companies in the technology sector. In 2017, the firm rebranded to STG to underscore its commitment to this core objective, and it has since grown to manage over $12 billion in as of March 2025. A key milestone came in March 2023, when STG closed its oversubscribed Fund VII at $4.2 billion, bringing its total capital raised across funds to nearly $10 billion and enabling over 100 investments worldwide. The firm's portfolio comprises more than 50 global companies, including notable holdings such as , a collaborative work management platform recognized as a leader in the 2025 ; Confience, a compliance software provider for the ; and Talent, a recruitment solutions firm that won four awards at the 2025 Recruitment Awards. STG supports its portfolio through STG Labs, an in-house initiative that provides offshore development resources, talent acquisition, and cost-optimization services to accelerate growth. Leadership at STG includes Managing Partner William Chisholm, who oversees the firm's strategic direction; Managing Director and Stephen Henkenmeier; Managing Director and Head of Chris Langone; Managing Director and Head of Markets Anne Russ; and Managing Director and Head of Devan . With a team of experienced professionals, STG continues to target innovative mid-market opportunities, particularly in sectors like logistics, healthcare, and , fostering long-term value creation for investors and portfolio companies alike.

Overview

Founding and Rebranding

Symphony Technology Group, LLC was founded in 2002 by , William "Bill" Chisholm, and Bryan Taylor as a dedicated to building outstanding companies in the mid-market and software-enabled technology services sectors through strategic investments. The firm's initial focus centered on value-oriented strategies in software and services, drawing on the entrepreneurial expertise of its founders; for instance, Wadhwani had previously established and led Aspect Development, Inc., a company, as founder, chairman, and CEO until its acquisition by i2 Technologies in 2000. The company established its early headquarters in , positioning itself in the heart of to capitalize on the region's technology ecosystem and talent pool. In 2017, the firm underwent a to STG Partners LLC under the leadership of Chisholm, who assumed the role of CEO and owner following Wadhwani's retirement from day-to-day management. This change was intended to signal a renewed commitment to the firm's core mission of value-oriented investments while emphasizing enhanced operational support and long-term value creation for portfolio companies, without shifting its fundamental approach.

Operations and Scale

Symphony Technology Group maintains its headquarters at 1300 El Camino Real, Suite 300, in . The firm also operates offices in , —specifically for STG Labs activities—and in , , to support its global investment and operational needs. As of 2025, the company employs approximately 88 professionals, comprising managing directors, investment professionals, and support staff dedicated to deal sourcing, portfolio management, and operational execution. This lean team structure enables agile decision-making in the mid-market software sector. Symphony Technology Group's reached $12 billion in 2025, an increase from $11.7 billion in 2024, driven by successful fundraises and active deal flow in software and data analytics investments. This growth underscores the firm's expanding influence in private equity. A key operational differentiator is STG Labs, which serves as an incubation and delivery center in , providing portfolio companies with access to engineering talent, cost optimization strategies, and specialized support in and product development. This integrated model enhances value creation by leveraging global resources efficiently.

History

Early Development (2002–2016)

Symphony Technology Group was established in 2002 by , William Chisholm, and Bryan Taylor, drawing on their expertise in and to target mid-market software opportunities. The firm launched its debut fund, STG I, that year with $350 million, largely funded by Wadhwani's personal capital and zero debt, emphasizing buyouts and growth investments in software and -enabled services companies. This was followed by STG II, which closed at $700 million, and STG III in 2007 at $900 million, the firm's first fully institutional vehicle, expanding its capacity for larger deals in . In 2012, STG IV closed at its $870 million target, a size significantly larger than prior funds and dedicated to mid-market software transactions, including control stakes and operational turnarounds. Early investments under these funds centered on firms, building a track record in carve-outs and value creation through operational enhancements; notable examples include the 2004 acquisition of Servigistics, a execution software provider, and Counterpane , a managed security services firm, both from STG I. The firm also pursued carve-out strategies, such as purchasing , a technology consulting arm divested from in 2005, where STG drove expansions in software before its 2010 sale to FIS. During the , Symphony Technology Group navigated challenges by prioritizing resilient software investments that demonstrated recurring revenue streams and essential enterprise applications, enabling continued capital deployment amid market volatility. This approach included a 2009 joint investment in , a and analysis tools provider, partnering with Elliott Management to capitalize on distressed opportunities in engineering software. By 2016, the firm had evolved from its startup phase to managing several billion dollars in assets under management—cumulatively from its four closed funds totaling over $2.8 billion—while developing an initial portfolio in data analytics and tech services sectors, such as background screening via First Advantage.

Reorganization and Expansion (2017–Present)

In 2017, Symphony Technology Group reorganized and rebranded as STG Partners, LLC, following the retirement of co-founder and former CEO , with William Chisholm assuming the roles of CEO and principal owner. This structural shift streamlined internal operations, enabling more efficient support for portfolio companies through enhanced strategic oversight and resource allocation focused on mid-market software investments. In September 2021, STG Management Holdings, L.P. acquired a greater-than-75% stake in STG Partners, LLC, providing expanded capital resources and greater flexibility for pursuing larger-scale transactions in the software and technology services sectors. This ownership transition bolstered the firm's financial position, facilitating accelerated growth in deal-making capabilities amid a competitive landscape. The reorganization paved the way for geographic expansion, with STG establishing offices in Bangalore, India, and London, England, alongside its headquarters, to tap into international talent and markets. This global footprint supported a surge in deal volume, growing the portfolio to over 50 companies by 2025 through targeted investments in and tech-enabled services. Responding to broader market dynamics, including the acceleration of , STG intensified its emphasis on cybersecurity and cloud-based solutions to address evolving needs for secure, scalable technologies. Notable examples include the 2021 acquisition of McAfee's business, rebranded as , and investments in cloud security platforms like , which aligned with rising demands for advanced threat detection and data protection in hybrid environments.

Leadership

Founders and Early Key Figures

Symphony Technology Group was founded in 2002 by Romesh Wadhwani, William "Bill" Chisholm, and Bryan Taylor, who established the firm as a private equity investor targeting mid-market software and technology companies. Romesh Wadhwani served as the founder and initial CEO, leveraging his extensive background in technology entrepreneurship to steer the firm's early direction toward technology-driven investments. Prior to STG, Wadhwani had founded Aspect Development Inc., a B2B software company specializing in supply chain management solutions, which was acquired by i2 Technologies in 2000 for $9.3 billion in stock. His experience in building and scaling software firms informed STG's emphasis on operational improvements and sector expertise in enterprise software. William "Bill" Chisholm, a co-founder, played a key role in shaping the firm's operational strategy from its inception, drawing on his prior experience as co-founder of the Valent Group, a and risk . Chisholm's focus on hands-on management helped define STG's approach to portfolio company growth through strategic guidance rather than solely financial leverage. He later transitioned to CEO in 2017 and currently serves as managing partner and . Bryan Taylor, another co-founder, contributed significantly to early deal sourcing and provided critical insights into the software sector, informed by his previous role as a consultant at . His expertise in operational transformations supported the firm's initial investments in technology-enabled businesses, helping to identify opportunities in the mid-market space. Taylor left STG in 2019 to join as a Managing Partner. Together, Wadhwani, Chisholm, and Taylor shared a vision for mid-market that prioritized active involvement in portfolio operations over traditional , aiming to build enduring value in companies through sector-specific knowledge and strategic support.

Current Executive Team

William Chisholm serves as Managing Partner of Symphony Technology Group (STG), where he oversees the firm's overall strategy and major investment decisions, a role he has held prominently since the 2017 rebranding of the firm. As a co-founder of STG dating back to its inception in 2002, Chisholm brings deep expertise in investments focused on companies. Stephen Henkenmeier is Managing Director and Chief Financial Officer at STG, responsible for the firm's financial operations, investor relations, fund management, and supporting functions including technology, legal, human resources, and compliance. Chris Langone holds the position of Managing Director and Head of at STG, leading the firm's global efforts in deal sourcing, partnerships, and business development initiatives to identify and pursue opportunities. Anne Russ is Managing Director and Head of Capital Markets at STG, overseeing capital raising, structuring, and related financial strategies. Devan Marshall is Managing Director and Head of Investor Relations at STG, managing communications with limited partners and supporting fundraise efforts. The current executive team at STG emphasizes entrepreneurial experience in the software sector, with members collectively possessing decades of hands-on involvement in corporate carve-outs, growth strategies, and building technology-driven enterprises. This collective background enables the team to guide portfolio companies through operational transformations and market expansions in the mid-market software and data analytics space.

Investment Strategy

Core Focus and Approach

Symphony Technology Group (STG) maintains a primary investment focus on mid-market and software-enabled services, targeting innovative leaders in sectors such as data analytics, cybersecurity, and solutions. This strategic emphasis stems from the firm's founding mission in to build outstanding companies within these technology-driven areas, avoiding diversification into non-tech industries to leverage deep sector expertise. STG employs a value-oriented approach characterized by hands-on operational improvements, including carve-outs from larger corporations and public-to-private transactions designed to unlock untapped potential. The firm prioritizes companies with annual revenues between $50 million and $500 million, favoring long-term holding periods to foster sustainable growth rather than short-term flips. A key differentiator is the utilization of STG Labs, an internal operational incubator that facilitates cost efficiencies through , , and innovation support. This philosophy has enabled STG to manage over $10 billion in as of 2023, underscoring the scalability of its targeted strategy in the evolving software landscape.

Funds and Capital Management

Symphony Technology Group (STG) has raised multiple funds focused on software and technology investments, with its fourth fund, STG IV, closing at $870 million in 2012, marking a significant expansion from prior vehicles. Subsequent funds have scaled considerably, including STG VI, which raised $2.0 billion in 2020 after exceeding its $1.5 billion target in a fully process, and STG VII, which closed oversubscribed at $4.2 billion in 2023, surpassing its $3.0 billion goal. By March 2025, STG's (AUM) reached $12.0 billion, reflecting growth from $10.3 billion in 2023 and $11.7 billion in 2024 through successful fundraising and portfolio performance. In parallel, STG launched dedicated lower mid-market funds to target software deals, with the inaugural STG Allegro fund closing at over $860 million in , exceeding its $500 million target and including $750 million in limited partner commitments. As of September 2025, STG is for STG Allegro II, aiming for $850 million to support similar opportunities, with commitments already secured from institutional investors such as pension funds. These vehicles enable focused deployments in , complementing STG's larger flagship funds for broader market plays. STG's capital management emphasizes reinvestments from portfolio exits to fund new commitments, maintaining a disciplined approach to lower mid-market software investments while scaling for enterprise opportunities post-2021. This strategy has attracted a diverse limited partner base, including over 50 entities such as family offices, pension funds, and sovereign wealth funds, drawn to STG's track record in delivering returns in the software sector without public disclosures of (IRR) metrics. Fundraising milestones since 2021, including the rapid closes of and Fund VII, have enabled larger capital pools for high-impact deals.

Portfolio

Current Holdings Overview

Symphony Technology Group (STG) oversees an active portfolio comprising approximately 44 companies globally, derived from 63 total acquisitions minus 19 exits as of November 2025, primarily in the software and technology-enabled services sectors. These holdings emphasize mid-market leaders in areas such as cybersecurity, , and digital experience platforms, contributing to STG's strategy of fostering innovation and scalability across diverse markets. Prominent current holdings include , a cybersecurity firm specializing in , acquired in 2020 by an STG-led consortium from . , an provider, emerged from STG's 2021 acquisition of Enterprise and subsequent 2022 merger with FireEye assets. , the online survey and feedback platform (rebranded from in 2023), was acquired in a $1.5 billion deal that year. , known for media editing and audio software like , joined the portfolio via a $1.4 billion acquisition in 2023. More recent additions encompass , a financial data aggregation platform acquired from in September 2025; Movable Ink, an AI-powered personalized content platform acquired in July 2025; Sikri, a software provider acquired in July 2025; , a and intelligence platform acquired in October 2025; and Formpipe Public Sector, a document management solutions provider for entities, with an agreement to acquire announced in August 2025 and closure expected in Q4 2025. STG enhances operational performance across its holdings through STG Labs, an internal platform that delivers talent acquisition, management, governance, and advisory support to drive efficiency and expansion, particularly via global centers in for cost optimization and . This integration model enables portfolio companies to leverage centralized resources for faster innovation and scalability. The overall portfolio's value is propelled by post-acquisition initiatives focused on and high-margin, recurring revenue streams typical of software-as-a-service models, aligning with STG's emphasis on data-driven transformations.

Sector Distribution

Symphony Technology Group's portfolio in 2025 emphasizes investments in technology sectors that support enterprise , with a focus on software, , and data-driven solutions. The cybersecurity segment includes key holdings such as , a leader in backed jointly with ; , which provides AI-powered platforms; and , specializing in cloud solutions. Enterprise software is a core area, centered on productivity and collaboration tools that enhance organizational efficiency; representative companies encompass , a work management platform recognized for its integrations; , offering survey and feedback solutions for business insights; and , which delivers media production software for . Data and analytics investments target platforms that enable informed decision-making; notable examples are , an open finance and provider recently acquired to advance innovation, and Dodge Data & Analytics, which supplies construction industry intelligence and forecasting tools. Other services include education technology and platforms such as Warpwire, a secure video hosting solution integrated into learning management systems, alongside event platforms like . The portfolio is primarily concentrated in due to STG's U.S.-based operations and mature market presence, while expanding into and through acquisitions like Formpipe, a software provider for document management based in .

Acquisitions

Pre-2020 Deals

Symphony Technology Group (STG) began building its portfolio through targeted acquisitions in the software and services sectors prior to 2020, focusing on undervalued assets in , engineering , and workforce solutions. In 2009, STG acquired MSC.Software Corporation, a provider of computer-aided engineering , for approximately $360 million in a that took the company private and positioned it for growth in the engineering software market. This deal exemplified STG's strategy of leveraging buyouts to consolidate fragmented technology segments during economic downturns. In 2010, STG expanded into services with the acquisition of First Advantage Corporation, a global leader in background screening and workforce solutions, which closed on December 30, 2010, and integrated the company into its portfolio to enhance data-driven management offerings. These early investments in and services firms pre-2014 helped STG establish a foundation in , emphasizing scalable platforms amid market consolidation. A significant carve-out transaction occurred in 2014 when STG acquired from McGraw Hill Financial for $320 million, gaining access to comprehensive construction data and analytics, including the and ENR brands. Post-acquisition, the unit was rebranded as Dodge Data & Analytics to focus on market-leading intelligence for the construction . That same year, STG pursued further healthcare-focused deals, including the purchase of European healthcare software operations from , such as System C Healthcare, to bolster its presence in medical IT solutions. Additionally, STG acquired Jobrapido, a global talent acquisition platform, from the Group, enhancing its recruitment technology portfolio. STG's pre-2020 deals often involved strategic carve-outs of undervalued tech assets from larger conglomerates, allowing the firm to capitalize on trends in software and services while aligning with its mid-market focus on high-growth solutions.

2020–2025 Deals

In 2021, Symphony Technology Group (STG) led a to acquire Enterprise for $4 billion, marking one of its largest deals to date and significantly expanding its footprint in the cybersecurity sector. The acquisition included McAfee's security software and services, which STG integrated with its subsequent purchase of FireEye to form in early 2022, creating a comprehensive (XDR) platform that enhanced threat intelligence and endpoint protection capabilities. This move bolstered STG's position in cybersecurity by combining advanced with cloud-based security solutions. Building on this momentum, STG carved out Enterprise's secure service edge () business in 2022 to launch as a standalone entity focused on security and (SASE) technologies. provides unified (CASB), zero trust network access (ZTNA), and gateway solutions, addressing the growing demand for secure adoption among enterprises. This strategic separation allowed STG to sharpen its investments in specialized cybersecurity subsectors, enabling targeted innovation in secure access management. STG continued its acquisition spree in 2023 with the $1.5 billion purchase of Momentive Global, the parent company of , which expanded STG's offerings into survey, feedback, and experience management software. The deal, completed in May 2023, integrated Momentive's AI-driven analytics tools for customer and employee insights, reinforcing STG's software portfolio in data aggregation and user engagement platforms. Later that year, in July 2023, STG acquired , a collaborative work management platform, from , adding and workflow automation capabilities to its holdings. Wrike's tools support cross-functional teams in marketing, creative, and operations, aligning with STG's emphasis on . Also in 2023, STG completed the $1.4 billion acquisition of in November, a leading provider of media software for audio, video, and workflows used by professionals in , , and . This deal, valued at approximately $8.05 per share, transitioned Avid to private ownership and positioned STG to invest in cloud-based media creation tools, expanding into the creative software market. The acquisition highlighted STG's growing focus on high-value, mission-critical software for content industries. In 2025, STG acquired from in the third quarter for an undisclosed sum, securing a key player in and open finance solutions. 's enable applications for , analytics, and compliance, strengthening STG's presence in and data services. This was followed by the announcement in June 2025 of the acquisition of Movable Ink, an AI-powered personalized content platform for (expected to close in July 2025), which enhances customer engagement through dynamic email and web experiences. In August 2025, STG agreed to acquire Formpipe Software's business for up to 850 million (approximately $80 million, expected to close in Q4 2025), adding case and document management solutions tailored for government entities. These transactions underscore STG's diversification into , marketing tech, and software. The period from 2020 to 2025 saw STG shift toward larger, billion-dollar deals, reflecting its expanded , which reached $12 billion by March 2025 and enabled greater scale in software and tech services investments. This trend facilitated sector expansion into cybersecurity, productivity, media, , and government solutions, with several acquisitions exceeding $1 billion in value.

Divestments

Pre-2015 Exits

Symphony Technology Group's early divestments prior to 2015 primarily involved strategic sales of portfolio companies in the software and services sectors, reflecting the firm's initial focus on building value in enterprise technology investments. One notable exit was Counterpane Internet Security, a managed security services provider in which STG participated through its inaugural fund. Founded by security expert , Counterpane was acquired by in October 2006 for an undisclosed amount, allowing STG to realize returns from its 2003 investment amid growing demand for outsourced security solutions. In 2012, STG exited Servigistics, a service lifecycle management software company specializing in multi-echelon inventory optimization for manufacturers. The firm had invested via its Symphony Technology I fund, and Servigistics was acquired by PTC Inc. in October 2012 for $220 million, enhancing PTC's service management capabilities and delivering returns to STG through a strategic sale in the industrial software space. These pre-2015 exits, characterized by modest multiples in line with the firm's emerging , enabled STG to recycle into higher-growth opportunities within software and technology-enabled services, underscoring its of partnering with innovative for operational improvements and market expansion.

2015–2025 Exits

During the period from 2015 to 2025, Symphony Technology Group (STG) executed several strategic divestments as part of its efforts, focusing on realizing value from mature investments in software and services to recycle into new opportunities. These exits often involved to strategic buyers or fellow firms, reflecting STG's emphasis on enhancing operational performance prior to divestiture to achieve favorable multiples. Notable transactions included the sale of eDiscovery provider Consilio and subsequent adjustments to printing software assets, alongside realizations in and sectors. In August 2015, STG sold a majority stake in Consilio, a leading provider of eDiscovery and document review services, to Shamrock Capital Advisors. The transaction allowed for a rollover, with Consilio's team retaining significant to support continued growth in services. This marked an early strategic realization for STG, enabling the firm to divest from a company that had been built through prior integrations in the eDiscovery space. STG continued its divestment activity in 2016 with the sale of AlphaImpactRX, a provider of primary research and analytics-based insights for the industry, to Holdings, Inc. The deal integrated AlphaImpactRX's capabilities into IMS Health's broader healthcare data and analytics platform, generating returns for STG from an investment originally formed through mergers of healthcare research assets. This transaction underscored STG's approach to exiting specialized data-driven businesses at scale. By 2023, STG, in partnership with Clearlake Capital Group, sold Archer, a provider of integrated solutions, to for an undisclosed amount. Under STG's ownership since 2021, Archer had expanded its end-to-end platform for , , and , achieving significant growth in adoption. The exit to positioned Archer for further international scaling, with the transaction closing in July 2023 after regulatory approvals. In the printing software sector, STG acquired (ePS) in January 2022 through a carve-out from (EFI), establishing it as an independent entity focused on and solutions for and industries. By October 2025, STG facilitated a strategic merger between ePS's Print division and CAI Software, while spinning out the Packaging division as an independent company to sharpen focus on core management tools and enable targeted investments. This adjustment optimized STG's exposure to high-growth segments within software. STG's 2025 exits included the sale of Trace One, a collaborative platform for consumer packaged goods lifecycle management, to Main Capital Partners in April. Acquired by STG in 2021, Trace One had pursued international expansion, including the acquisition of Selerant, to strengthen its position in product development and software for retailers. The divestiture realized value from operational enhancements that boosted Trace One's global footprint and revenue multiples. These transactions collectively generated proceeds for reinvestment into STG's funds, supporting a cycle of portfolio renewal amid evolving market dynamics in .

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