The uptick in merger and acquisition activity across business sectors is contributing to demand for software to manage all of the information gathered and analyzed leading up to a deal. DealCloud, which specializes in M&A software, is ramping up to feed the appetite for these financial tools with a $5.3 million round of growth financing.
Cultivation Capital led the investment in the Charlotte, NC-based company. The round also included participation from Hamilton Lane, Holekamp Ventures, Holton Capital Group, as well as individuals Rick Kushel and Joe Maxwell.
With the new financing, Kushel becomes DealCloud’s CEO, effective immediately. Kushel previously served as CEO of New York-based iLEVEL Solutions, developer of cloud-based financial software. DealCloud co-founder and former CEO Ben Harrison now becomes the company’s president.
DealCloud says its software-as-a-service offering helps in various aspects of deal-making, including managing deal pipelines, retaining documents, and performing due diligence. One of the software’s features is a virtual data room capable of communicating deal activity to all buyers and investors involved. After a deal closes, the company says its software helps with post-merger integration. DealCloud’s customers include private equity and growth capital firms, sell-side banks, publicly traded companies, and debt capital investors.
DealCloud was founded in 2010 by Harrison, Rob Cummings, and Ed McMahan, all formerly of Charlotte private equity firm Falfurrias Capital Partners. Besides its Charlotte headquarters, DealCloud has offices in New York, Europe, and India.
