insightsoftware, a Raleigh, North Carolina-based provider of reporting, analytics, and performance management solutions, could make six to eight acquisitions a year, Mark Lisi, senior vice president, corporate development, told Mergermarket.

Backed by Hg Capital and TA Associates, the company has a list of acquisition candidates and is in contact with some of them, Lisi said.

insightsoftware would like to acquire to enter new fields such as treasury management, cash management, accounts receivable and accounts payable automation, he explained. It could also acquire to strengthen existing products and expand market share, he added.

The executive hopes to close another deal in 2023 but said that company valuations are under pressure and sellers are reluctant to engage. He noted that there is more optimism for the M&A market for 2024.

On 29 August, the company announced the acquisition of Vizlib, the UK-based software company. In February it acquired, Power ON, a US-based software company. Since being founded in 2018 it has made 25 acquisitions.

Insightsoftware’s objective is to become the one stop shop for the office of the CFO, Lisi said. CFOs require 25 to 30 different solutions, and insightsoftware aims to offer all of them. Currently, it has 10 solutions in the fields of accounting, finance, operations, supply chain, tax, budgeting, planning, HR, and disclosure management.

The company looks at targets of different sizes and across geographies, he said, declining to be more specific. Besides the headquarters in the US, the company has European headquarters in London and Australian headquarters in Sydney, he added.

insightsoftware is profitable and has 2,400 employees, Lisi said. He did not disclose the company’s revenue and said that its three-year percentage growth rate is 333%. About 60% of revenues is from the US; 35% is from Europe and 5% is from the Asia Pacific, he said, not reflecting the acquisition of Vizlib. It has 32,000 customers, according to a press release.

insightsoftware’s last financing round was in 2021, when the company received a USD 1bn investment from Hg Saturn 2 Fund. Hg became a significant minority shareholder together with TA Associates, which invested in the company in 2018. At that time, the company was valued at USD 2bn. Other investors include Genstar and ST6.

According to Mergermarket data, insightsoftware has a Likely to Exit (LTE) score of 42.

Mergermarket’s LTE predictive analytics assign a score to sponsor-backed companies to help track and predict when an exit could occur through M&A, an IPO, a direct listing or a deSPAC transaction.

According to the executive, there is nothing imminent in terms of exit timing. Insightsoftware wants to continue to drive double-digit organic growth and acquire products, with a goal of becoming a USD 1bn company.

Hg Capital and TA Associates did not respond to requests for comments on insightsoftware’s exit strategy.

In January, the company appointed Michael Sullivan CEO to lead the next phase of growth. He is the third CEO of the company, Lisi said.

insightsoftware’s legal counsel is DLA Piper.