Cassel Salpeter & Co., a middle-market investment banking firm providing financial advisory services, represented Systems 2000, Inc. (“Sys2k”) in its sale to Serent Capital. The acquisition will enable Serent Capital to broaden its portfolio of system-of-record software businesses and automobile technology investments.
The Cassel Salpeter team, led by President and Co-Founder Scott Salpeter and Vice President Marcus Wai, supported Sys2k through the closing of the transaction.
Sys2k is a SaaS business that provides a mission-critical dealership management system for the specialty vehicle market. With over 350 customers throughout the U.S. and Canada and a strong recurring revenue base, the Sys2k platform is highly regarded due to its true multi-company, multi-location system offering full DMS capabilities across all departments of a dealership.
Carl Sconnelly, Sys2k’s founder and former President and CEO said, “The Cassel Salpeter team helped guide me throughout the sales process from marketing and LOI negotiation through to due diligence and closing. The complexity of the Transaction combined with the vigorous due diligence process was made much easier with their help and resulted in the ideal outcome for me and the Company. The support provided by the Cassel Salpeter team was invaluable and I couldn’t have asked for a better outcome.”
“It was a pleasure working with the Sys2k team to find the best fit to take the company to the next level of its growth trajectory. We believe Sys2k to be a highly attractive investment to Serent Capital given their ownership experience with SaaS based businesses and potential synergies with their other portfolio companies,” said President and Co-Founder Scott Salpeter of Cassel Salpeter & Co.
Ira Rosner, Jordan Schneider, and Ashley Hamilton with Holland & Knight provided legal representation to Sys2k. Carl Erhardt, Elliot Franklin, and Lori Bibb with Morris, Manning & Martin, LLP provided legal representation to Serent Capital.
About Cassel Salpeter & Co.
Cassel Salpeter & Co., LLC is an independent investment banking firm that provides advice to middle market and emerging growth companies in the U.S. and worldwide. Together, the firm’s professionals have experience providing private and public companies with a broad spectrum of investment banking and financial advisory services, including: mergers and acquisitions; equity and debt capital raises; fairness and solvency opinions; valuations; and restructurings, such as 363 sales and plans of reorganization. Co-founded by James Cassel and Scott Salpeter, the firm provides objective, unbiased, results-focused services that clients need to achieve their goals. Personally involved at every stage of all engagements, the firm’s senior professionals have forged relationships and completed hundreds of transactions and assignments nationwide. The firm’s headquarters are in Miami. Member FINRA and SIPC. For more information, visit www.CasselSalpeter.com.
Sys2K is a premier provider of Powersports, Bus, Marine, Automotive, Class 8/Heavy Duty, and RV dealership software. Sys2K’s Infinity software is a fully integrated, Windows-based DMS that features modules including CRM, F&I, Parts and Service, Payroll, Accounting, Rental, Advanced Reporting, as well as offering Premium Websites, Cloud Hosting, and Mobile Apps. Founded in 1984, Sys2K prides itself in developing the highest-quality software solutions for the dealership environment. For more information, visit www.sys2k.com.
About Serent Capital
Serent Capital invests in growing businesses that have developed compelling solutions that address their customers’ needs. As those businesses grow and evolve, the opportunities and challenges that they face change with them. Principals at Serent Capital have firsthand experience at capturing those opportunities and navigating these difficulties through their experiences as CEOs, strategic advisors, and board members to successful growing businesses. By bringing its expertise and capital to bear, Serent helps growing businesses thrive. For more information on Serent Capital, visit www.serentcapital.com.