GTCR Announces Partnership with Matt DiMaria to Form Stelao
June 14, 2023
GTCR, a leading private equity firm, today announced that it has entered into a partnership with Matt DiMaria, Adam Ragauskis, Chris Loeper, Kurt Nelson, and Daniel Bohannon to form Stelao LLC (“Stelao” or the “Company”). Based in Nashville, TN, Stelao will seek to partner with companies as part of a strategy to build a leading enterprise software platform enabling data-driven customer experiences and measurable outcomes.
The formation of Stelao is supported by GTCR’s Leaders Strategy™ approach, which involves partnering with exceptional management leaders in its core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. GTCR has successfully applied The Leaders Strategy™ for several decades and maintains a culture of partnership with management teams as they build strategically attractive businesses over time.
The Stelao leadership team has a proven track record of building and transforming enterprise software businesses. Prior to forming Stelao, they comprised the executive management team at Mindful, a private equity-backed leader in enterprise callback technology. As Chief Executive Officer, Chief Financial Officer, Chief Revenue Officer, Chief Marketing and Product Officer, and Vice President of Engineering, respectively, the team strategically transformed Mindful’s product line and enhanced key operations to build a market leading customer experience software business. Following this successful transformation, through both organic growth and M&A investments, Mindful was sold to Medallia in 2022.
Mr. DiMaria is a successful software executive with more than 30 years of industry experience. Prior to Mindful, he was CEO of Eyefi, a cloud photo storage and processing service provider sold to Ricoh Corporation. Previously, he was EVP and GM of Roxio Products Group, a division of Roxio-Corel, a digital media authoring business.
“We are excited to build a market-leading enterprise software company in partnership with GTCR,” said Mr. DiMaria. “GTCR has deep domain expertise in software, a track record of creatively building companies in the space, and shares our view of what constitutes an attractive enterprise software platform.”
“GTCR’s formation of Stelao with Matt, Adam, Chris, Kurt and Daniel is another excellent example of The Leaders Strategy™ and builds on our history of successful investments in software,” added Stephen Master, Managing Director at GTCR. “Matt and his team have identified a very attractive theme in delivering excellent and measurable customer outcomes, and we look forward to actively working together to find companies to partner with in this space.”
Founded in 1980, GTCR is a leading private equity firm that pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through organic growth and strategic acquisitions. GTCR is focused on investing in transformative growth in companies in the Business & Consumer Services, Financial Services & Technology, Healthcare and Technology, Media & Telecommunications sectors. Since its inception, GTCR has invested more than $24 billion in over 270 companies, and the firm currently manages more than $35 billion in equity capital. GTCR is based in Chicago with offices in New York and West Palm Beach.
Stelao is a partnership between Matt DiMaria, Adam Ragauskis, Chris Loeper, Kurt Nelson Daniel Bohannon, and GTCR. Stelao’s mission is to build a leading enterprise software business that enables data-driven customer experiences and measurable outcomes.