Comply365, the Beloit-based software-as-a-service mobile documentation company, has been acquired by a South Carolina-based private equity firm.
Comply365 was founded in 2007 by married couple Kerry and Dude Frank, which the Franks started in their basement in Illinois. They developed software that provides pilots digital access to the most up-to-date and compliant manuals, flight operations and notifications. It was viewed as revolutionary because the aviation industry is highly regulated.
The company expanded its document-management technology to other highly regulated industries, including the rail, education and energy industries, and boasts 11 Fortune 500 companies as clients.
Terms of the sale by funds managed by Luminate Capital Partners to Charleston, South Carolina-based Liberty Hall Capital Partners were not disclosed.
"Ongoing digitalization in the aviation and rail markets is driving demand for tailored, efficiency-centric software solutions, and Comply365 is a leading solution provider solving core pain points across the entire operational content and compliance management process," said Rowan Taylor, Liberty Hall's founding and Managing Partner, in a statement.
Comply365 CEO Tom Samuel and the company's existing management team will remain in their roles following the acquisition, the firm stated.
"We are excited to partner with Liberty Hall in order to accelerate implementation of our strategic product vision and execute on our key go-to-market growth plans," Samuel said. "We look forward to leveraging Liberty Hall's resources, relationships and global reach within the aerospace industry to continue to bring critical operational content and compliance management solutions to our customers."
The Franks moved the company to Wisconsin in 2012 with the help of tax incentives from the state. The Franks stepped down from leading the company in 2018.
Comply365's technology is used by more than 50 airlines and rail companies.
