Carta, a software platform built for private capital, is considering acquisitions to grow its offerings for general partners and limited partners after two deals this month, CFO Charly Kevers said.

The San Francisco-based business is interested in technologies in fields such as compliance, asset valuation, accounting, and taxation among others, Kevers said at TechCrunch Disrupt 2025 in San Francisco this week.

“Carta started in venture, serving both companies and investors and as we expand into private equity and private credit, we expect these segments to drive most of our growth in the years ahead,” the CFO said.

The offering for companies, both venture and private equity firms, accounts for two thirds of Carta’s business. The remainder is for investors but includes venture capital and private equity firms that have both funds and special purpose vehicles (SPVs), he said. The company helps private businesses in over 160 countries manage their cap table, valuation, taxes, equity programs and compensation.

With annual recurring revenue above USD 500m, the company has been preparing for a listing. Kevers would not give timing but said it will happen within fewer than four years. Before going public, Carta wants its new offerings for private equity and private credit to show predictable revenue streams.

The company has not yet appointed an investment bank, he added.

Carta’s most recent financing was in August 2021, a USD 500m Series G round led by Silver Lake that valued the business at USD 7.4bn.

Carta is eyeing small and mid-sized acquisition candidates with revenues up to USD 30m. The objective is to acquire 100% of the target, he added. It wants firms with quality technology and teams, he said.

Several companies in the space, which were founded in 2019 and in 2020, have great technologies but need distribution for further growth, he said.

Carta is looking globally and could close a couple of deals a year for the next couple of years, he said. Its corporate development team analyses the market, identifies acquisition candidates and approaches them directly, but Carta also receives inbound approaches, he said.

Carta, which is profitable, has the cash and flexibility to finance potential deals, he said.

At this point Carta is not planning to raise additional funds before a public listing, unless it wants to include specific investors in the cap table or needs to finance a large M&A deal, Kevers said. To date, it has raised about USD 1.2bn, he added.

In 2024, Carta was reportedly working with Jefferies on a possible secondary sale that would value the business at USD 2bn.  The CFO said that “the company has never been for sale”.

Carta’s fund administration platform supports 9,000+ funds and SPVs representing over USD 182bn in assets under administration on fund administration, SPV formation and more.

More than 90% of the company’s revenues are generated in North America, but the company is planning to grow internationally, he said. It has 1,900 employees across offices in the US, Brazil, Luxembourg and the UK, among others.

In October, the company acquired Sirvatus, a loan administration platform for private credit funds, and Accelex, a UK-based AI-powered data automation platform focused on alternative investments for limited partners. The integration of a new business takes on average six months, the CFO said.