Pluribus Technologies Corp., an acquisition company, began trading on the TSX Venture Exchange on January 19.
Formerly known as Aumento Capital IX, the company changed its name to Pluribus Technologies Corp. and through a reverse takeover of Pluribus Technologies Inc. gained a spot on the TSX.
The company has acquired nine companies, and claims to have deployed $50 million in capital.
“Going forward, we have the balance sheet strength and capital markets currency to act on multiple opportunities in our growing pipeline of acquisition targets,” said Richard Adair, Pluribus co-founder, CEO, and director. “We intend to move forward rapidly with the same disciplined approach that saw us complete nine acquisitions since 2019, as we continue to partner with entrepreneurs to add to our portfolio of small, profitable software companies.”
Pluribus claims it acquires small, profitable B2B software companies at “reasonable prices” in a range of verticals and industries.
Pluribus provides sales and marketing resources, strategic partnerships and technologies including automation, self-service, artificial intelligence and machine learning, to create new revenue streams and enable companies to grow into significant organizations in their respective markets.
Founded in 2018, the company pursues acquisitions that it claims are too risky for most strategic acquirers and private equity funds to invest in. Pluribus seeks out small software companies that have a niche in a vertical market with an unique B2B application, and a loyal base of customers.
Pluribus looks for owners who lack a clear succession plan, and who want to exit immediately, but cannot. The acquisition must have a history of consistent revenue and profitability, according to Pluribus management.
Pluribus focuses on companies with less than $5 million in revenue. According to Pluribus, it takes over the day-to-day management of the businesses it acquires and develops a transition plan with the founders.
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The company has acquired nine companies, and claims to have deployed $50 million in capital. Its acquisitions include The Learning Network, an EdTech firm; TeleMED Diagnostic Management, a healthtech company; and e-commerce platform Powr.
Other acquisitions include two EdTech startups: Pathways Training & eLearning and Icom Productions.
Pluribus has several strategic partners, including Spellbound, a consultancy that carries out due diligence on software startup purchases, and helps recruit key personnel, including CTOs; and Tequity Advisors. The latter is a sell-side mergers and acquisition advisory firm.
Adair worked as the vice chair for the cloud-based document storage startup FutureVault; as the principal for Radar Consulting; and as the CEO of Symbility Health, a division of Symbility Solutions that was sold to Telus Health for approximately $16.5 million in 2018.
Plurisbus’s COO and co-founder Diane Pedreira previously worked as FutureVault’s director of sales operations, and as strategic business manager with Ingle International, an insurance firm. The company’s CRO and co-founder Timothy Lindsay comes from Veracode, a North Carolina company, where he was employed as a senior sales account executive.
Photo by Austin Distel on Unsplash