Luminate Capital Partners, led by former Silver Lake Partners managing director Hollie Moore Haynes, has made an investment in airline software company Comply365. The deal comes on the heels of Luminate's closing its initial fund. Haynes is one of The Most Influential Women in Mid-Market M&A.

Comply365's technology allows airline employees to access mobile manuals, complete checklists, review digital flight plans, complete training and stay within regulatory compliance. Spirit Airlines is among its customers. The target is based in Beloit, Wisconsin. In another related deal, ParkerGale through its portfolio company Aircraft Technical Publishers, purchased aviation diagnostic service provider CaseBank Technologies Inc.

Based in San Francisco, Luminate is focused on acquiring midmarket software companies—those with $10 million to $50 million in annual revenues—from the founders or early venture capital investors or in carve-out deals. The firm is interested in U.S. providers of business-to-business, enterprise software with an established product, a happy customer base, a market leadership position, a management team to partner with and the potential to grow 10 percent to 30 percent annually, along with certain software industry financial metrics. “Market growth and opportunity matters, because you’ve got to have enough wiggle room to get some things wrong along the way to try to grow the business,” Haynes says.

In the firm’s first deal, Luminate bought the largest provider of convenience store back-office software in April 2015: PDI, a Temple, Texas, company carved out from a company owned by Warren Buffett’s Berkshire Hathaway Inc. (NYSE: BRK.A). PDI controls about half of its market, running financials, inventory and pricing software for big convenience stores in the U.S. In May 2016, Luminate sold PDI to TA Associates, for undisclosed terms.

Luminate Capital

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