Terminus Capital Partners, a growth-oriented private equity firm focused on majority investments in B2B technology companies, has made an undisclosed majority investment in Pick Trace, a provider of workforce management, labor compliance and operations software built for agriculture.
Pick Trace was founded by brothers Austin and Harrison Steed, who grew up working on their family's blueberry, avocado and citrus farm in Southern California and began building technology to address problems they had faced there. The company has since expanded beyond workforce management. Its platform now covers workforce onboarding, time and productivity management, payroll and compliance workflows, field operations, logistics and quality control.
The investment is intended to help Pick Trace develop new products, expand its platform and move into new markets as it pursues its aim of becoming the core operating system for specialty agriculture, according to the release. Pick Trace will keep investing in its platform, as well as in the teams and infrastructure that serve its customers, and Terminus will provide strategic and operational support.
"Pick Trace is a critical technology vendor because it collects proprietary labor data, it serves as the system of record for onboarding paperwork and wage data, and it underpins payroll, compliance, and farm management for its clients," said Alex Western, founder and managing director of Terminus Capital Partners. "From that incredible starting point, we see an opportunity to build a leader in the fragmented specialty grower Ag Tech market."
Moelis was financial adviser and Jones Spross was legal counsel to Terminus on the deal, the terms of which were not disclosed. Software Equity Group was exclusive financial adviser and Holland & Knight was legal counsel to Pick Trace.
Source: PE Hub · Summarized by HeadlinesBriefing