K1 to Exit Subsplash in Strategic Sale to Roper Technologies

Core Insights - K1 Investment Management's portfolio company Subsplash has entered into a definitive agreement to be acquired by Roper Technologies, marking K1's third exit to a publicly traded strategic buyer in the past year [1][4] - Subsplash is a leading AI-powered engagement platform designed for mission-driven organizations, serving over 20,000 faith-based organizations globally [2][5] - Since K1's initial investment in 2019, Subsplash has grown its annual recurring revenue (ARR) by approximately 7 times, enhancing its product capabilities and market strategy [3] Company Overview - Subsplash, co-founded by CEO Tim Turner, offers an integrated suite of AI capabilities, including mobile apps, media delivery, digital giving, and church management tools [2][5] - The company has introduced new features in live streaming, church management, and AI-powered content, solidifying its position as a category leader [3] Investment Insights - K1 has successfully executed five exits to strategic buyers and three to publicly traded acquirers in the last year, indicating a strong performance despite challenging market conditions [4][6] - Notable recent exits include Irwin sold to FactSet, GoCanvas sold to Nemetschek Group, and Axcient sold to ConnectWise, contributing to a record year of distributions for K1 in 2024 [4][6] Strategic Focus - K1 emphasizes backing founder-led companies and scaling them into category leaders, as demonstrated by the success of Subsplash [4][6] - The firm has invested in over 250 companies since its inception, focusing on high-growth B2B software businesses [6][7]