Franchise software developer FranConnect has acquired competitor Process Peak.

Process Peak, headquartered in Carlsbad, California, also develops franchise technology management software. The company's products are used by 180 franchisors and more than 25,000 franchise units, including Planet Beach, Studio Barre, ShelfGenie and the Lash Lounge. Terms of the deal were not disclosed.

Reston, Virginia-based FranConnect's software is used by more than 500 brands with more than 75,000 franchised locations. The company's clients include Dairy Queen, the Dwyer Group, Safeguard and Blimpie. FranConnect is led by CEO Amit Pamecha (right) and Keith Gerson as president (left). The deal combines the two largest providers of franchise management software, according to FranConnect.

FranConnect's acquisition is support by Serent Capital as a new equity investor. The firm generally invests between $10 million and $50 million per deal. Serent has about $600 million in capital under management. The firm is also investing in Avionté Staffing Software, C2 Educational Systems and Optimal Blue.

The firm's involvement in the deal is another example of private equity's increasing interest in software businesses. For more, see Plugging Into Software.