Waud Capital establishes software investment platform

Waud Capital Partners has partnered with former IBM software executive George Ahn to launch a platform seeking investments in the application software industry.

Lower mid-market firm Waud Capital Partners has partnered with former IBM executive George Ahn to establish a platform to invest in application software industry, it said.

The platform will invest in a software company and accelerate its growth, improving and extending its product suite, delivering outstanding service and support, and completing strategic add-on acquisitions, the firm said. Waud has committed $100 million of equity capital to its partnership with Ahn, it said.

A source close to the matter told Private Equity International that this partnership will be one of the platform investments for Waud, most likely the recently closed Waud Capital Partners IV. WCP IV closed last month on its $1.056 billion hard-cap, above the original target of $750 million, as reported by PEI. The fund’s investor base includes New York State Teachers’ Retirement System and El Paso Firemen & Policemen’s Pension Fund.

Ahn was previously head of IBM’s smart infrastructure software organisation and was responsible for products such as Maximo and Tririga. Prior to joining IBM, Ahn was president, chief executive and board member of Tririga, where, for more than five years, he helped grow Tririga organically and through strategic investments, his LinkedIn said.

Earlier in his career, Ahn had been group vice president and general manager at PeopleSoft, executive vice president and chief marketing officer at TIBCO Software, general manager at Siebel Systems and director of worldwide SMB software sales at IBM, his LinkedIn said.

“The software market is rapidly evolving as SaaS delivery models create new opportunities and challenges, and as competitive lines become increasingly drawn around domain-specific expertise,” Ahn said in a statement. “Many software companies, particularly those in the middle market, have solid foundations for success but have yet to fully capitalise on their growth opportunities.”

Waud seeks investments of between $50 million and $100 million in total equity in the lower mid-market healthcare, business and technology services sectors. It manages $6 billion in assets, according to PEI’s Research & Analytics division.

A spokesperson could not be reached for comment.