Capstone Partners advised Celtic Cross Holdings (Celtic Systems)—a leading provider of enterprise software solutions for the motor carrier and motor vehicle markets—on its sale to i3 Verticals, Inc. The purchase price was $85 million.
Since 2003, Celtic Systems has been a successful developer of enterprise solutions for motor vehicle administrations throughout the United States and Canada. Celtic’s comprehensive enterprise platform merges the motor carrier and motor vehicle services administration, business management, employee training, and customer support into one, unified environment. In addition to software development, Celtic Systems provides business process consulting, implementation and training services, and ongoing support and maintenance. These services help address several longstanding issues faced by government agencies, enabling them to effectively modernize agency-wide systems and supporting technologies.
I3 Verticals delivers seamless integrated software solutions and services to small- and medium-sized businesses and other organizations in strategic vertical markets. Building on its sophisticated and diverse platform of software and services solutions, I3 creates and acquires software products to serve the specific needs of public and private organizations and offers deep expertise in the government, education, healthcare, retail, business-to-business, nonprofit, and property management verticals.
Joe McCormick, Co-Founder, Celtic Systems, said
“Capstone was referred to us by a previous client and we have enjoyed the experience from start to finish. Capstone guided us through each step of the process with integrity, leveraging their knowledge to achieve the best results!”
Ted Polk, Managing Director at Capstone Partners, commented
“The modernization of aging IT systems is a major priority for many agencies of the government, and it is leading to dramatic improvements in user experiences for citizens. Celtic Systems plays a market-leading role in helping affect these important enhancements for motor vehicle administrations throughout both the United States and Canada, and it was a pleasure to represent them.”
David Brinkley, Managing Director at Capstone Partners, added
“We were privileged to work with the owners, management, and employees of Celtic Systems, who developed unique software technologies that streamline operations at DMV and motor carrier regulatory bodies, enhancing performance, data analysis, and revenue generation. The transaction is yet another wonderful example of the SaaS-driven technology disruption we at Capstone are working to unlock across the entire government sector. We look forward to the acceleration of this business within the i3 family.”