According to Kappel, “The transaction enables Patriot to devote 100% of its energies on perfecting its accounting and payroll SaaS platform to further eliminate pain points that every American small business and their advisors experience.”
CANTON, Ohio (PRWEB) July 25, 2019
Patriot Software Company, nationally known for cloud-based accounting and payroll software, announced the sale of its recruiting software subsidiary Top Echelon Network, LLC (Top Echelon) in a joint press release this week.
Top Echelon, a leading provider of applicant tracking system (ATS) and split-placement network software, has been acquired by SageLink Capital, a leading investment firm focused on enterprise software and technology-enabled businesses. Following the acquisition, the Company has been rebranded “Top Echelon Software, LLC.”
This transformational partnership combines Top Echelon’s storied 30+ years of deep industry focus and award-winning technology platform with the team at SageLink’s successful track record helping software companies grow. SageLink’s investment will provide resources to invest in growth, add-on acquisitions, and strengthen its technology offerings to position the company for market expansion and consolidation.
In conjunction with the Top Echelon transaction, Mike Robertson from SageLink Capital, Bo Ramsey from Pendyne Capital, and Mike Kappel from Patriot Software will join the Board of Directors.
“This partnership is the exciting next chapter of Top Echelon’s story,” said Mike Kappel, Top Echelon’s Founder and CEO of Patriot Software. “This acquisition is a testament to the quality of Top Echelon’s software, systems, and staff. And it’s especially exciting to see another major software company being birthed in Canton, Ohio. Sagelink brings an extra layer of technical depth and financial strength to the table that ensures that Top Echelon will be able to help recruiters for a long, long time to come.”
This strategic divestiture bolsters Patriot Software’s balance sheet and positions the Company to become an investment “pure play.” According to Kappel, “The transaction enables Patriot to devote 100% of its energies on perfecting its accounting and payroll SaaS platform to further eliminate pain points that every American small business and their advisors experience.”
“Patriot has self-invested over 300 man-years into refining its accounting and payroll SaaS products,” said Mike Wheeler, Patriot’s President and Chief Legal Officer. “After a successful stock offering under Regulation D, Rule 506(c), Patriot Software is poised to consider a Series A investment as it now services ~24,000 American small business customers, maintains extremely high customer ratings, and is scaling quickly in the U.S. market.”
About Patriot Software
Patriot Software, located in Canton Ohio, provides online accounting and payroll software for small businesses. For information on all of Patriot’s products servicing the United States, contact Patriot Software, LLC at 877-968-7147, or visit http://www.patriotsoftware.com.
About Top Echelon Network
Top Echelon Network is a privately held provider of applicant tracking system (ATS), recruiting, and split placement network software. The Company’s products include automation and workflow management of the talent acquisition process (Big Biller) and Top Echelon Network, a SaaS offering that provides recruiters a network platform where they share candidate and job order information online to allowing one recruiter to provide the candidate for another recruiter’s job order. Top Echelon Network’s software helps its customers attract and retain talent, match workers’ skills to business needs and staffing clients’ objectives, and reduce the time and costs associated with processes. Founded in 1988, Top Echelon has grown to serve more than 1,700 customers. The Company is headquartered in Canton, Ohio. For more information, visit http://www.topechelon.com.
About SageLink Capital
SageLink Capital is a leading independent sponsor focused on investing in medium-sized, growing businesses. SageLink has a keen interest in software, technology-enabled service, and business service companies in the U.S. and Canada. The firm focuses on middle-market companies and provides a range of capital solutions including capital for buyouts, growth initiatives, and add-on acquisitions. SageLink’s investments are for the long-term and are focused on growth. The firm is headquartered in Denver, Colorado. For more information, visit http://www.sagelinkcapital.com.