PSG Expands Tiugo Technologies with CKSource Acquisition
Investment advances Tiugo’s efforts to deliver a suite of tools for software developers on a single platform
BOSTON - PSG, a leading growth equity firm partnering with software and technology-enabled services companies to help accelerate their growth, in combination with Tiugo Technologies (“Tiugo”), a PSG portfolio company focused on assembling a collection of global, API-first developer platforms in the document and data management market, announced the acquisition of CKSource, a provider of rich text editing and document collaboration software for developers. Financial terms of the deal were not disclosed.
Today’s announcement marks Tiugo’s first investment. The team, led by Mark Hatton, a Senior Advisor at PSG1 and Chief Executive Officer of Tiugo, believes the investment opportunity for Tiugo’s expanding platform is underscored by significant market demand for tools to support document management, collaborative workflows, customer engagement, and security and authentication. Scott Heimes, previously Chief Marketing Officer at both Zipwhip and SendGrid, will join the Tiugo team as Growth Advisor, helping Tiugo portfolio companies scale and optimize their go-to-market strategies.
“We believe there is an extensive market for the various tools needed to support software development that is continuing to grow at a rapid pace as the need for these tools compounds exponentially. Our goal is for Tiugo to offer a suite of market-leading developer platforms to help them scale,” said Hatton. “CKSource adds enterprise-grade rich text editing and document collaboration to our platform, and we’re eager to continue to expand our offerings through additional acquisitions.”
Headquartered in Warsaw, Poland, CKSource has created a solution for developers looking to build web applications and fortify internal content management systems with a streamlined rich text editing capability, file management and collaborative editing solutions. The platform has proven to be a critical tool for both blue-chip organizations and start-ups, with over 1,500 customers, including Disney, Salesforce, Elsevier and Zendesk.
“As the digital revolution accelerates, ensuring companies have efficient and effective document review editing processes is mission-critical,” said Wiktor Walc, President and Chief Product Officer of CKSource. “With this in mind, we’ve developed our product ecosystem to help address these specific needs, and through our continued product innovation, we’re committed to providing our diverse, digital-forward customer base with the solutions they require. We look forward to continuing to serve our customers with Tiugo and with the support of PSG.”
“We’re excited to support Tiugo as it continues to broaden its capabilities through acquisitions of companies like CKSource with an aim to deliver a comprehensive platform for the software developer community,” added Marco Ferrari, Managing Director at PSG.
PSG’s Marco Ferrari, Managing Director, Paul Russ, Principal, and Kristie Han, Vice President, will join Mark Hatton on Tiugo’s Board of Directors.
Marcin Majewski of Aventis Capital served as financial advisor to CKSource.
About PSG
PSG is a growth equity firm that partners with software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams. Having backed more than 100 companies and facilitated over 400 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology, and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City, London, Paris, Madrid and Tel-Aviv. To learn more about PSG, visit www.psgequity.com.
About Tiugo Technologies
Tiugo Technologies is assembling a collection of global, API-first, market-leading developer platforms focused on document and data management to help them accelerate growth, increase operating efficiency and fund add-on acquisitions. Our family of companies work together with an aim to succeed in the competitive developer platform market. Tiugo companies collaborate to offer holistic, differentiated solutions that grow faster, operate more efficiently and create more value together than they can alone. Tiugo is headquartered in Boston. To learn more about Tiugo, visit www.tiugotech.com.
About CKSource
Founded in 2006, CKSource is an industry-leading software company committed to delivering top quality content editing solutions to all types of organizations worldwide. Its portfolio includes hundreds of world-recognized brands, including Fortune 500 organizations. CKSource is famous for providing innovative software, premium technical support and custom development services. Its flagship product CKEditor 5 is an ultra-modern JavaScript rich text editor with collaborative features. CKEditor was started as an Open Source project in 2003 and is currently used by millions of users worldwide. For more information, visit ckeditor.com and cksource.com.
1Senior Advisors are not employees or affiliates of PSG. Please see PSG’s Form ADV Part 2A filed with the SEC for additional details.