The recent announcement of Waud Capital Partners’ extended partnership with software executive George Ahn provides fresh evidence of the firm’s distinctive approach to building market-leading companies. This collaboration, focused on acquiring and growing vertical application software providers, builds upon nearly a decade of successful joint ventures and illustrates the enduring effectiveness of Reeve Waud’s founding principles for creating value in private equity investments.
A Foundation Built on Executive Talent
When Reeve Waud established his eponymous firm in 1993, he centered the investment approach on a straightforward premise: exceptional companies require exceptional leadership. Rather than beginning with transaction structures or financial engineering, Waud Capital starts with identifying and partnering with proven executives who bring deep domain expertise and operational experience.
“We are dedicated to building lasting relationships with talented executives,” explains Matt Clary, Partner and Co-Head of the Software & Technology Group at Waud Capital. “Our partnership with George is one of our firm’s great success stories, and we are excited for this next chapter.”
This executive-first philosophy has guided Waud Capital through decades of investment activity across healthcare and technology sectors, with the George Ahn partnership representing a particularly compelling case study in effective collaboration.
Transformation Case Studies: IPS and iOFFICE
The Waud-Ahn partnership has already delivered substantial returns through two significant platform investments. As CEO of Integrated Practice Solutions (IPS), Ahn orchestrated a comprehensive growth strategy for retail health practice management brands ChiroTouch, RevolutionEHR, and ClinicSource, constructing a market-leading healthcare IT software platform before a successful exit to PracticeTek.
Similarly impressive was Ahn’s tenure as Executive Chairman of iOFFICE, where he guided the workplace management software provider from founder-led business to scaled acquisition platform. Through strategic investments in growth initiatives and three major acquisitions, iOFFICE evolved dramatically before being acquired by Thoma Bravo and becoming a core component of Eptura.
These success stories demonstrate how Waud Capital’s systematic approach translates executive talent into tangible business outcomes—a pattern that has proven equally effective in the firm’s healthcare investments, including the notable growth of Acadia Healthcare under Waud Capital’s guidance.
The Executive-First Investment Model
What separates Reeve Waud’s investment strategy from conventional private equity approaches is the emphasis on proactive leadership identification that precedes specific investment opportunities. Rather than beginning with potential acquisition targets and then assembling management teams, Waud Capital often reverses this sequence—identifying exceptional executives first and then collaboratively developing investment theses around their specific expertise.
“Launching this new campaign with Waud Capital is tremendously exciting given all that we have accomplished to date,” notes George Ahn, reflecting on the partnership’s past successes and future potential. This sentiment captures the essence of what makes the executive partnership model so effective—alignment of vision, complementary expertise, and mutual trust developed over multiple successful collaborations.
As Waud Capital and George Ahn embark on their next chapter targeting vertical software opportunities, they apply a proven playbook refined through years of shared experience. For Reeve Waud, whose investment career spans hundreds of companies across multiple sectors, this continued collaboration represents not just another deal, but the ongoing evolution of a partnership-centered approach that has consistently delivered results for investors, portfolio companies, and the markets they serve.
