How Reeve Waud’s Investment Strategy Drives Long-Term Partnerships in Software

The recent announcement of Waud Capital Partners extending its partnership with software veteran George Ahn highlights a central tenet of Reeve Waud’s investment philosophy: building lasting relationships with exceptional executives. This renewed collaboration, which will pursue platform investments in vertical application software, builds upon nearly a decade of successful joint ventures and exemplifies how strategic partnerships drive sustainable growth in private equity.

The Art of Executive Partnerships

For Reeve Waud, founder and managing partner of Waud Capital Partners, the formula for investment success starts with people. Since establishing his firm in 1993, Waud has championed an approach where identifying and partnering with top-tier executives comes before transaction structures or deal mechanics.

“Partnering with exceptional leaders like George is the foundation of our investment philosophy,” explains Matt Clary, Partner and Co-Head of the Software & Technology Group at Waud Capital. “We are dedicated to building lasting relationships with talented executives; our partnership with George is one of our firm’s great success stories.”

This focus on leadership has produced remarkable results. The Waud-Ahn partnership has already yielded two significant success stories: the transformation of Integrated Practice Solutions (IPS) and the growth of iOFFICE, both of which delivered substantial value to investors through strategic acquisitions and operational improvements.

From Theory to Practice: Success Stories

The partnership’s track record speaks volumes about Waud Capital’s approach to value creation. As CEO of IPS, Ahn executed a transformational growth strategy for the retail health practice management brands ChiroTouch, RevolutionEHR, and ClinicSource, building a leading healthcare IT software platform that was eventually sold to PracticeTek.

Similarly, as Executive Chairman of iOFFICE, Ahn guided the company’s evolution from a founder-led business to a scaled platform through organic growth initiatives and three major acquisitions. The company was ultimately acquired by Thoma Bravo, becoming a core component of Eptura.

These successes demonstrate how Reeve Waud’s leadership philosophy translates industry knowledge and executive talent into tangible business outcomes.

Beyond Software: A Pattern of Success

The executive-partnership model that characterizes Waud Capital’s software investments mirrors the approach that fueled growth at Acadia Healthcare, another notable Waud Capital success story. By applying a consistent investment framework across different sectors, Reeve Waud has created a repeatable pattern for building market-leading companies.

“Over the past ten years, George has made such a positive impact on our firm and our portfolio,” notes Justin DuPere, Partner and Co-Head of the Software & Technology Group. “He has repeatedly built high-performing companies, and we’ve witnessed first-hand the results at both iOFFICE and IPS.”

Looking Forward: The Next Chapter

The renewed partnership between Waud Capital and George Ahn signals confidence in both their collaborative model and the opportunities within vertical software markets. This next chapter will leverage Ahn’s extensive experience across various product categories and corporate lifecycle stages—from growth-stage businesses to multinational companies.

As Waud Capital celebrates over three decades of investment success, this latest initiative reinforces the firm’s commitment to its proven investment approach: identifying exceptional leaders, providing them with necessary resources, and creating environments where strategic vision can flourish.

For Reeve Waud, whose career spans investments in hundreds of companies across multiple sectors, the continued collaboration with George Ahn represents not just another deal, but the ongoing evolution of a partnership-centered investment philosophy that has consistently delivered results for investors, portfolio companies, and the markets they serve.