Capstreet – a Houston-based lower middle market private equity firm – recently announced that it has acquired PlanetBids, a provider of eProcurement software as a service (SaaS) solutions. In connection with the acquisition, David DiGiacomo joins PlanetBids as CEO, working closely with company co-founders Arpie and Alan Zavian, who will remain with the company. The terms of the transaction were not disclosed.
Launched in 2000 and headquartered in Studio City, CA, PlanetBids enables public and private organizations to improve visibility, save time, and reduce costs by electronically managing their procurement processes through a fast and frictionless modern interface. The company also offers two flexible procurement platforms: PB System, which helps government, private, nonprofit, and educational procurement teams manage and streamline the procurement process, and VendorLine, which connects vendors and contractors with bid opportunities through an intuitive and easy-to-use search platform.
KEY QUOTES:
“We’re excited to partner with Arpie and Alan. We believe eProcurement is poised for accelerated growth, as government agencies in particular continue to invest in software platforms that can help improve efficiency and allow them to better serve their constituencies. David brings a wealth of experience in building successful teams, particularly in government software, and we are delighted to welcome him to the team.”
- Adrian Guerra, Partner at Capstreet
“I am honored to join PlanetBids to help build on the great foundation Arpie and Alan have established. PlanetBids offers a powerful solution, and I’m looking forward to working with Arpie, Alan and the Capstreet team as we strive to delight our clients, grow our team, and identify opportunities to expand the Company’s technology and reach nationwide.”
- David DiGiacomo – who previously served as CEO/President of ListenFirst Media, PowerDMS, and Onsolve (formerly Emergency Communications Network)
“We have seen strong market demand for digitized procurement capabilities from local governments and public agencies. Capstreet’s resources provide an opportunity to increase the scope and depth of our product offerings and go-to-market strategies, which we believe will enable us to assist more organizations with their digital transition.”
- Alan Zavian
“Modernizing legacy procurement processes increases visibility, efficiency, and accuracy, while also reducing environmental impacts. Capstreet understands these fundamentals, and both they and David have a long track record of working with SaaS companies. We look forward to partnering with them to further enhance the PlanetBids product offering and market position.”
- Arpie Zavian
