Siris Capital has announced the formation of October Capital, a new private equity firm focused on investing in services businesses that help enterprises adopt, integrate, and scale transformative technologies.
October Capital is led by Frank Baker, who co-founded Siris in 2011 and will serve as CEO and Managing Partner. The firm launches with three investments already in place, including the completed acquisition of Takkion and signed acquisitions of EQ Retirement Solutions and Lenvi.
October Capital builds on a 15-year technology investment track record established at Siris. Over that period, Siris deployed more than $9.5 billion of equity capital, including more than $3 billion in services businesses. The firm said its services investments generated its strongest outcomes for investors.
October Capital will initially concentrate on three areas where its investment team has existing expertise: infrastructure supporting the AI economy, physical security technology, and financial infrastructure.
Within AI infrastructure, the firm plans to target services businesses that support the growing buildout of computing and power infrastructure required to deploy artificial intelligence at scale. In physical security, October Capital will focus on companies helping enterprises modernize systems used to address evolving threats.
The firm’s financial infrastructure strategy will target services supporting the modernization of financial markets, including businesses enabling automation, digital payments, and adoption of digital assets.
Baker leads a team of 16 investment professionals, including Managing Directors Dave Calamai and Seth Harward and Principals Kevin O’Brien and Grant Weisberg.
October Capital’s first completed platform investment is Takkion, a services provider to the energy industry that the firm believes is positioned to benefit from growing electricity demand associated with AI data center development.
The firm has also signed an agreement to acquire EQ Retirement Solutions, which provides pension programs with automation tools and digital payments infrastructure supporting more than 10 million members and approximately £10 billion in annual payments.
Its signed acquisition of Lenvi adds a provider of loan servicing platforms and AI-powered analytics used for areas including fraud detection and provisioning. Lenvi serves more than 150 lenders and supports over £100 billion of credit assets under management.
The formation of October Capital also follows the announced $4.2 billion sale of Equiniti to Bullish, a transaction intended to create a global transfer agent serving tokenized securities and digital assets.
October Capital is headquartered in West Palm Beach, Florida.
KEY QUOTES:
“Technologies such as AI and blockchain are going to reshape the global economy, but none of that promise matters until it works in the field. Services businesses bridge that gap, helping enterprises adopt and deploy these technologies at scale. It’s an enormous opportunity, and one we are well positioned to capture.”
Frank Baker, CEO And Managing Partner Of October Capital