Who is 2ndWave Software?
2ndWave Software is a private equity firm.
2ndWave Software
- Type
- private equity firm
- Website
- 2ndwavesoftware.com
How they work
2ndWave Software invests in and advises middle-market enterprise software businesses. Founded by Chris Heim and Dan Mayleben, it partners with PSG and management teams to fund growth, improve operations and pursue acquisitions. Its own investment history includes JAMS Software, Aztec Software and HealthTrio; Aztec and HealthTrio have been exited. Its founders also bring earlier operating experience at businesses including HelpSystems and HighJump.
Owners can contact Dan Mayleben or Chris Heim directly. 2ndWave says it tailors majority transactions to the owner or shareholder group, including full buyouts, management buyouts and recapitalisations. It can provide capital and operating guidance for management succession, growth initiatives and add-on acquisitions. It does not require a polished sale presentation or a complete leadership team.
- Capital model
- Software investment and operating partnership that works with PSG and management teams to provide capital and ongoing guidance.
- Sector focus
- Middle-market enterprise software businesses, with capital and operating support for organic growth and add-on acquisitions.
- Majority or minority
- Majority transactions, including 100% buyouts, management-led buyouts and leveraged recapitalisations.
- Ownership
- Capital plus operating guidance, investment in people and product, management development and selective add-on acquisitions. The founders describe an employee-equity incentive philosophy across businesses they have run.
- Founder ownership
- Transactions can monetise current owners’ stakes and support management succession or generational transitions. A complete management team is not required.
- Platform or bolt-on
- Platform investments and add-on acquisitions. Since 2020, 2ndWave reports three platform investments and four add-on acquisitions by those platforms.
Their portfolio
Showing 1 of 1 known holdings — coverage is still partial.
- JAMS SoftwareSectorSoftware & IT servicesWhat they doJAMS Software provides workload automation and job scheduling software for IT operations teams. Its platform coordinates scheduled and triggered business processes; it became an independent company in June 2025 following investment by PSG and 2ndWave.
Exited holdings
Confirmed former portfolio companies, shown separately from current holdings.
- Aztec SoftwareSectorEducationWhat they doAztec Software provides digital learning tools and instructional materials for adult education and workforce training. Its products cover foundational skills, high-school equivalency preparation, career readiness and life skills. 2ndWave reports that it sold its investment to another private equity firm. (exited)
- HealthTrioSectorHealthcareWhat they doHealthTrio develops digital portals for health plans, their members, providers, employers and brokers. Its tools support benefits information, claims, enrolment and healthcare self-service. It is now part of mPulse, following 2ndWave’s exit. (exited)
Sources
- 2ndwavesoftware.com · portfolio page
- 2ndwavesoftware.com · website
- 2ndwavesoftware.com · research
- 2ndwavesoftware.com · research
- 2ndwavesoftware.com · research
- jamsscheduler.com · research
- 2ndwavesoftware.com · research