Jake and Cyrus already had a compelling solution to help large local governments manage permits and licensing, and they knew they could do more for their customers. The pair of CEOs identified an acquisition target – Camino Technologies – that had two types of software: permitting software for small governments and a unique permit guide solution, which solved a pain point for local governments that no one else was addressing. It seemed like a natural fit.
Jake and Cyrus first engaged with the Camino founders in September. The business looked promising so they started to think about how they would finance it. They were looking for a partner with flexible, long-term capital to finance the acquisition and to provide their investors with the option, but not the requirement, to take liquidity if they wanted to. The CEOs spent the winter evaluating prospective partners and had multiple options to choose from, including many well-known investors in the government technology space.
Pacific Lake Long-Term Hold resonated with the pair’s aspirations on various fronts. It was important to Cyrus and Jake to partner with investors that they knew and trusted. And, they wanted a partner with a long-term outlook who had resources – like those of the Pacific Lake Value Creation Team – to help them scale their business. Meanwhile, our team was excited to deepen our relationship with this pair of proven entrepreneurs and help them execute our shared vision for what Clariti could become: a category leader for permitting and licensing.
The Camino acquisition closed in May 2023 and marked a big win for the entrepreneurs and for their investors. It was also an opportunity to reset and elevate our collective ambitions for what Clariti can be. We’re excited to partner more deeply with Cyrus and Jake, and we’re ready to help them navigate the next phase of their CEO journey.