CIP-backed Frontsteps invests in Caliber Software

Frontsteps, which is backed by CIP Capital, has made an investment in Mesa, Arizona-based Caliber Software, a provider of software solutions for HOA management. No financial terms were disclosed. Harris Williams advised Frontsteps on the transaction.


RICHMOND, Va.–(BUSINESS WIRE)–Harris Williams, a global investment bank specializing in M&A advisory services, announces that it advised FRONTSTEPS, a portfolio company of CIP Capital, on its strategic investment in Caliber Software (Caliber). FRONTSTEPS is an industry leading SaaS platform serving single-family and condo high-rise associations with unified property management, resident portals, accounting, payments and security solutions. The transaction was led by Mike Wilkins, Erik Szyndlar, Brian Titterington and Gunnar Shaw of Harris Williams’ Technology, Media & Telecom (TMT) Group.

“FRONTSTEPS’ end-to-end, market leading real-estate SaaS platform and comprehensive suite of property management solutions provide immense value to its customers,” said Mike Wilkins, a managing director at Harris Williams. “The highly strategic investment in Caliber greatly enhances the FRONTSTEPS platform by adding accounting capabilities and creating a single platform for the association community management industry. We are excited about the opportunity ahead for the business.”

“Under the leadership of CEO Jamie Clymer and with the backing of CIP Capital, FRONTSTEPS has become a clear market leader within property management software,” added Erik Szyndlar, a director at Harris Williams. “We are proud to have worked with an exceptional management team on this transaction and are excited to see the combined company continue to grow and innovate across the broader real-estate technology landscape.”

FRONTSTEPS’ mission is to design and deliver technologies that simplify how people build, connect, operate and secure modern communities. FRONTSTEPS serves over 17,000 residential communities with its industry leading community management and security software offering in-app payments, resident self-service, visitor management, communication tools and more. Combined with Caliber, the company now serves over 34,000 residential communities.

CIP Capital is a New York-based private equity firm focused on investing in growth-oriented, middle market companies across the business information and technology-enabled services sectors in North America. The fund seeks to invest in proven, profitable businesses that provide their customer bases with critical information, data-driven insights and value-added outsourced services. CIP Capital targets investments in sectors including tech-enabled business services, data-driven marketing services, human capital management and knowledge services.

Serving thousands of housing and condominium associations, Caliber is an accounting system built by software professionals who know how to deliver and support feature-rich, scalable and architecturally-sound software solutions into the public domain.

Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).

Harris Williams’ TMT Group advises leading private and public companies, entrepreneurs, private equity firms and venture capital firms on mergers and acquisitions and capital-raising transactions worldwide. The TMT Group has deep domain expertise in the Software/SaaS and Internet & Digital Media segments, with particular emphasis on specific verticals including education technology, data analytics, energy technology, fintech, public sector, and supply chain/logistics—with a dedicated healthcare technology (HCIT) practice. Across verticals, the firm also advises technology services and networking solutions businesses. For more information on the TMT Group and its recent transactions, visit the TMT Group’s section of the Harris Williams website.