Liquidity Events

Litmus was acquired by Validity (press release).

Spectrum also generated realizations from GoodRx.

Mergers & Aquisitions

Working closely with our portfolio companies, we sourced and evaluated several strategic acquisitions:

Benchmark Mineral Intelligence acquired Rho Motion, a leading UK-based energy transition data and market intelligence provider (press release).

CINC Systems acquired ONR, a resident engagement platform that streamlines communications for management companies with best-in-class apps and websites (press release).

Lighthouse acquired The Hotels Network, the leader in marketing personalization technology that drives direct channel growth for hotels (press release).

Lucid acquired airfocus, an AI-powered product management and roadmapping platform (press release).

SavvyMoney acquired CreditSnap,a fintech solution provider that powers intelligent integrations to digital loan, deposit and account onboarding solutions for banks and credit unions (press release).

Scribd acquired Fable, the social reading app known for its vibrant community-powered book clubs and features that promote healthy reading habits (press release).

Tenstreet acquired TextLocate, driving and communication tracking software (press release), and DriverReach, recruiting and compliance management software (press release).

WIN Reality acquired Blast Motion, a provider of swing sensor and motion analysis technology (press release).

Portfolio Events & Headlines

2025 CEO Summit: Inventing the Future with Spectrum Leaderhip

Spectrum CEOs, board members, and advisors gathered this month in Sausalito to exchange ideas, share experiences, and tackle a pressing leadership challenge: building companies for an AI-driven future. Read the full write-up here.

Rethinking the Finance Function: What AI Means for Strategy, Systems, and Teams

AI has accelerated a transition for finance leaders – from traditional financial stewards into strategic operators, tech adopters, and catalysts of change inside of their organizations. Featuring prominent finance experts from our network, this article lays out key elements of this shift, along with its inherent challenges and opportunities. Read it here.

Reuters: Benchmark Mineral Intelligence and Intercontinental Exchange Team Up for Battery Material Futures

The prices of lithium and cobalt assessed by Benchmark Mineral Intelligence will now be used for contracts launched by Intercontinental Exchange (ICE). Read the Reuters article here.

Otter.ai CEO on Mad Money

Otter.ai CEO Sam Liang sits down with Jim Cramer to discuss breaking $100M ARR and launching new AI agents. Watch it here.

Recruiting Highlights

In the first half of the year, we completed 28 senior executive hires and 2 board appointments across 20 companies, including:

• Nina Bankar as SVP of Customer Experience at Kajabi
• Phil Dolan as Chief Marketing Officer of CINC Systems
• Max Lowenbaum as Chief Revenue Officer of In Tandem
• Lisa Mulrooney Gross as Chief People Officer of Headspace
• Kirk Miles as Chief Product Officer of Kajabi
• Andy Miller (formerly COO) as CEO of Benchmark Mineral Intelligence
• Charlie Minutella as CEO of RapidRatings
• Julia Riessen as Head of People at AllTrails
• Nihal Shah as Chief Financial Officer of Headspace

Organizational Highlights

In 2025 so far, we’ve welcomed Colby Blaze as a Vice President on our investment team and Tom Moll as Director of Portfolio Analytics, Reporting, and FP&A. We’ll soon be joined by four new Associates and three new Analysts.

We were also delighted to announce three promotions across our investment team: Joey Haig to Vice President, Anna Yu to Vice President, and Kate Tavella to Associate.

Firm Awards

Spectrum Equity Named a Top Growth Equity Firm of 2024

Spectrum was proud to be named to GrowthCap’s Top Growth Equity firms for 2024 — a recognition of our collective experience, curated network of experts, and committed partnerships with our portfolio companies (press release). ¹

Spectrum Principals Recognized as Top Women Leaders in Growth Investing by GrowthCap

Spectrum Equity Principals Emily Calkins and Annaliesa Routh were recognized on the 2025 GrowthCap Top Women Leaders in Growth Investing list (press release). Both awardees were previously recognized for their leadership on the list in 2024; Emily Calkins was also recognized in 2023. ²

Spectrum Equity’s Steve LeSieur and Jeff Haywood Named 2025 Top GrowthCap Healthcare Investors

Spectrum Equity’s Jeff Haywood and Steve LeSieur were named for the fourth time to GrowthCap’s overall top health investors list for 2025 (press release). ³

Spectrum Named #5 Performer on HEC Paris-DowJones 2025 List

The HEC Paris Business School released the 2025 HEC Paris-Dow Jones Growth Capital Performance Ranking, listing Spectrum Equity as their #5 firm – our third consecutive year ranked in the top five. This performance-driven award reflects the firm’s distinctive returns over many cycles. Rankings are based on an analysis of performance between 2011 and 2010, comparing 279 funds from 106 growth capital firms (press release). ⁴

1. Spectrum Equity submitted the nomination to be considered for the GrowthCap Top Growth Equity Firm list and has paid a fee to promote/distribute this award after designation was announced 02/2025.

2. Spectrum Equity submitted the nomination to be considered for the 2025 GrowthCap Top Women Leaders in Growth Investing and has paid a fee to promote/distribute this award after designation was announced 06/2025.

3. Spectrum Equity submitted the nomination to be considered for the GrowthCap Top Healthcare Investor list and has paid a fee to promote/distribute this award after designation was announced 04/2025.

4. Spectrum Equity submitted the data to be considered for the HEC Paris-DowJones Growth Capital Performance Ranking, and did not pay a fee to be considered for or promote this ranking.