Banyan Software and the Permanent Home Promise: How 120+ Acquisitions, Zero Sales and a Local ANZ Team Shape Founder Succession

Most founders who sell a software company face two familiar choices. A private equity fund buys with a plan to resell in a few years. A strategic buyer folds the product into its own and the brand often disappears. Banyan Software says it was built as a third option. In its own words, founder and CEO David Berkal started it with the belief that Banyan could be the best possible permanent home in the world for successful software companies. ^[2]

That is a strong claim, and it is unusually testable. Banyan publishes a detailed seller FAQ, a page on how its companies grow, and a dated release for almost every acquisition it makes. ^{[1] [3]} Across those releases you can see who stayed in charge after each sale, which founders handed over and why, and how a regional team built up a portfolio in a new market. This study reads that record closely, with three questions from the brief in mind: how permanent ownership works in practice, how management continuity and founder succession are handled, and how the model travels internationally, especially into Australia and New Zealand.

The short answer

The record supports the core promise. Banyan says it has bought more than 120 companies and sold none. ^[1] Its releases repeatedly show founders and long-serving CEOs staying on, often quoted on why a permanent owner mattered to them. And in Australia and New Zealand, the record shows something more interesting than a series of one-off deals: a local operating team that bought companies which then started working with each other, in fleet telematics, grocery retail and healthcare. ^{[11] [14] [20]}

Banyan's FAQ defines the phrase plainly. It acquires software companies with the intention of holding and growing them for life. There is no planned resale date and no fund-driven exit clock. ^[1] It then explains why that matters: the question changes from how to prepare the company for the next buyer to what will make it a stronger business for its employees and customers over the next decade. ^[1]

Banyan contrasts this directly with private equity. A traditional fund invests for a set period and then sells to return capital, which can create a fixed exit timeline even when a different pace would suit the business. Banyan says it buys, holds and grows software businesses without planning to resell them. ^[1] Its Why Banyan page adds the origin story: Berkal raised permanent capital from a group of entrepreneurs who believed great software businesses deserve a home where they can keep growing. ^[2]

The record behind the promise

Promises about permanence are easy to make. What makes Banyan's worth examining is that it attaches a number to it. Asked whether it has ever sold an acquired company, the FAQ answers no: Banyan has acquired more than 120 software businesses and sold zero, and it says that record puts its permanent-home model into practice. ^[1] The company's September 2026 leadership announcement puts the portfolio at more than 125 software companies across North America, the UK, Europe and Asia Pacific. ^[5]

The promise also shows up in how founders and leaders describe their choice. When Banyan hired its first UK M&A director in 2022, he said the company had built a reputation as a permanent home for businesses rather than one that looks to resell them after only a few years, and called it a long-term commitment. ^[7] BuRPS co-founder Hilary Enloe, selling in Queensland in 2025, pointed to Banyan's buy, hold and grow for life strategy as proof it was committed to the long-term success of the company, its customers, technology and team. ^[20]

Banyan publishes its criteria. A strong fit usually has more than US$2 million in annual revenue, a history of profitability and positive cash flow, a high share of recurring revenue, a strong and defensible position in a niche market, high customer retention and satisfaction, and an engaged, committed team with low turnover. ^[1]

• Revenue above US$2 millionA useful starting point rather than a hard line. Banyan says a company close to the threshold that otherwise fits can still begin with a confidential conversation. ^[1]
• Profitable, cash generativeA track record of profitability and positive cash flow, which fits an owner that intends to hold rather than flip. ^[1]
• Recurring revenue and retentionA high contribution of recurring revenue and strong customer retention and satisfaction. ^[1]
• A defensible nicheLeadership in a clearly defined niche, where the company understands its customers deeply. ^[1]
• A settled teamAn engaged, committed team with low turnover, because the team is expected to keep running the business. ^[1]

Banyan does not restrict itself to one industry. Its FAQ says the common thread is not the industry but a strong position in a specialised market, and lists education, government, financial services, media and entertainment, healthcare and transportation among the areas its companies serve. ^[1] The deal record matches that breadth: core banking for US community banks, dental practice software in Hungary, hotel systems in Portugal, records management for Australian public agencies, and fleet software in New Zealand and Italy all sit in the same group. ^{[15] [30] [31] [9] [6] [26]}

The second pillar of Banyan's proposition is operational independence. Its FAQ calls this a core part of its decentralised model: management teams continue to run the day-to-day business because they know the customers, product, employees and market best. That autonomy comes with accountability. ^[1]

Banyan describes three layers of support around that independent team. Each company is paired with a dedicated Operating Leader, who works with the CEO and management on long-term strategy, major priorities, leadership development and key decisions, providing board-level guidance while management keeps control of daily operations. ^[1] A Growth Ops team of software specialists can plug in where extra expertise or capacity would help. ^{[1] [3]} And the company gains a direct connection to Banyan's wider expertise and resources. ^[1]

Banyan is explicit that it does not impose one plan on every company. Its companies operate in different verticals, geographies and stages of maturity, so the operating plan is tailored, and while Growth Ops brings playbooks and examples from across the portfolio, the management team remains closest to the customer and accountable for execution. ^[1]

What the releases show

The clearest public example is Medtech Global, a New Zealand health technology company acquired in February 2025. Banyan bought 100% of the shares from Australian private equity firm Advent Partners and CEO and Managing Director Geoffrey Sayer. The release states that Sayer would remain CEO under Banyan's ownership and that Medtech's senior leadership team would remain in place. ^[18]

Other releases show the same continuity in less formal terms. When Banyan acquired Argus Tracking in Auckland, founder and CEO Aaron Muir described the next chapter as bringing continued stability and growth for the organisation. ^[6] PrintIQ's CEO Anthony Lew, after two decades building the Wellington company, said he was delighted to have found a partner to help write the next chapter. ^[8] Harrier's CEO Dale O'Donahoo said Banyan's approach gave the company the operational stability to keep growing its Ignition platform across Australia, New Zealand and beyond. ^[23]

Management continuity and founder succession are related but different. Continuity is about the team. Succession is about the person who built the business and what happens to their role. Banyan addresses this directly. Asked whether it will replace the management team, its FAQ says there is no one-size-fits-all answer and that it works with each owner to create a leadership transition that fits the owner's goals and the company's needs. ^[1]

• Stay and leadSome owners stay and continue leading the business. ^[1]
• Step back over timeOthers step back gradually, moving into a different role or handing over in stages. ^[1]
• Leave at closingSome exit at closing. When a new leader is needed, Banyan works with the owner and management team to recruit someone who fits the company's culture, market and next stage of growth. ^[1]

Banyan says that conversation happens early, so the transaction, leadership plan and post-closing expectations line up. ^[1] That is the right order. A founder who wants to step back needs the successor question answered before signing, not after.

Founders in their own words

Banyan's releases often quote the departing or continuing founder, and the reasons they give are consistent. Harrier's co-founders, Don Harris and Rick Featherstone, said that after nearly four decades building the Sydney business, finding the right long-term home for it and the team was incredibly important, and that they chose Banyan for its reputation for honouring founder-led businesses. ^[23]

Family owners say something similar. When the RD Jones Group sold WorldSmart, a retail point-of-sale and loyalty business it had owned and operated for more than 20 years, it said it wanted a buyer whose values matched a family business and who understood the importance of its staff and customers. ^[14] FutureNet's general manager Scott Munro said Banyan's commitment to preserving FutureNet's legacy and ensuring a seamless transition gave the owners confidence. ^[12] FYB's release credits founder Chris Alday's ethos of people, process, performance and then profit, carried over 18 years. ^[9]

Permanent ownership only works if the owner adds something over the years. Banyan's answer is a support layer that sits beside, not above, each company's management. Growth Ops is described as a bench of software specialists covering applied AI, product and engineering, talent and organisational design, sales and marketing, payments, finance and tax, cybersecurity and legal. ^[1] Banyan stresses that the support is not intended to take day-to-day control away: the leadership team chooses where specialists help and remains accountable for the plan. ^{[1] [3]}

AI gets its own answer in the FAQ. Banyan says it treats AI as an operating capability rather than a standalone experiment, with an AI team working directly with product, engineering and go-to-market teams on active priorities: assessing readiness and high-value use cases, modernising legacy software and reducing technical debt, applying AI to engineering, testing and sales workflows, and building AI-enabled product features and new revenue. ^[1]

A new layer for a larger group

In September 2026 Banyan created a Portfolio President role and appointed Melissa Hammerle to it. The release says the role was a result of the company's accelerated growth: Banyan now operates more than 125 software companies across North America, the UK, Europe and Asia Pacific, and the scale and speed called for a leader who can compound performance across the portfolio. ^[5] She will lead the Group Presidents, strengthen the Banyan Software Operating System and expand the portfolio. ^[5]

Her background explains the direction. She joined from Microsoft, where she built a function to redesign workflows with AI and continuous improvement, and previously spent 15 years at Danaher and Fortive starting and leading businesses and building out their business system. ^[5] Danaher and Fortive are known for operating systems that spread improvement methods across many independent businesses.

Banyan sets out its process in four stages. ^[1]

• IntroductionA confidential conversation about the business, the owner's goals and timing. ^[1]
• ExplorationMutual evaluation of fit, valuation, deal structure and the owner's preferred role after closing. ^[1]
• Due diligenceA focused review of the company's financial, commercial, legal, technical, customer and operational position. ^[1]
• AcquisitionFinal agreements, closing and the start of life inside Banyan. ^[1]

On timing, Banyan says many transactions complete in about 45 to 90 days once both sides decide to move forward, and its seller materials mention as little as 45 to 60 days. The exact pace depends on the company's complexity, how ready its information is, the deal structure and the owner's preferred speed, with a clean and thorough process the priority. ^[1]

Confidentiality is treated as essential throughout. Banyan describes its process as responsive, transparent and confidential, with information shared in stages as mutual interest is established, and says owners can start with an exploratory conversation before deciding whether to enter a formal process. ^[1]

Banyan's push into Australia and New Zealand is the clearest case in the public record of how its model travels. It started in mid-2022. Announcing Argus Tracking, an Auckland-based fleet management company founded in 2007, David Berkal said Banyan looked forward to continuing to grow within the Australia and New Zealand market. ^[6] Two months later came PrintIQ, a print management system headquartered in Wellington, with Berkal again describing the deal as part of Banyan's continued expansion into the region. ^[8] In November 2022 Banyan bought FYB, a Melbourne-based records management and information governance business serving Australian public sector agencies. ^[9]

Banyan's review of 2022 says it welcomed a record number of people and businesses into its global community that year, across Australia and New Zealand, the UK, Switzerland, the US and Canada. ^[27] In the same year, its CEO was describing the company as expanding quickly throughout North America and Europe as well as into Australia and New Zealand. ^[7]

From head-office deals to a local team

The early ANZ releases are announced by the CEO. From 2024, the voice changes. FutureNet (January 2024), Viostream (July 2024), WorldSmart (August 2024) and Fedelta (November 2024) are all welcomed by Damon Fieldgate, Operating Partner at Banyan Software. ^{[12] [13] [14] [16]} Announcing Fedelta, he said Banyan continues to grow in the APAC region and would invest in key areas of product development and business development. ^[16]

Sellers noticed. BuRPS co-founder Hilary Enloe named the local team as one of the two reasons the Queensland company chose Banyan. ^[20] When Banyan bought Medtech Global in 2025, the release introduced Banyan as a global software investor with a growing footprint in Australia and New Zealand. ^[18]

The most useful thing the ANZ record shows is that permanent ownership and independence do not mean isolation. Several acquisitions were explicitly positioned next to businesses Banyan already owned.

Fleet and telematics

When Banyan bought Sydney-based Linxio in April 2023, the release said the deal would expand its presence in the Australian market and strengthen its position in global telematics, and that Linxio joined Banyan's existing transportation businesses, including TransPlus and New Zealand-based Argus Tracking. ^[11] The theme has since travelled: in September 2026 Banyan entered Italy by acquiring Veicoli, a Turin-based fleet operations and telematics platform, describing it as strengthening its European presence with fleet expertise. ^[26]

Grocery and independent retail

The grocery cluster is the clearest example. FutureNet, founded in 1995, provides point-of-sale systems for independent grocery retailers in Australia. ^[12] WorldSmart serves more than 2,600 supermarkets, greengrocers and other retail outlets with integrated point of sale and loyalty. ^[14] Then BuRPS, a Queensland workforce management system widely used by independent grocery groups, joined in April 2025. Its release notes deep integration with grocery point-of-sale systems including WorldSmart and FutureNet, and says the BuRPS team would work closely with the WorldSmart team to expand their services. ^[20]

Healthcare

Medtech Global gave Banyan a scaled health technology platform in both countries. The acquisition included the Medtech Evolution and Medtech Artia practice management systems, Medeor payment solutions and Medtech ALEX, an ecosystem of third-party digital healthcare applications. Founded in 1989 in Auckland, Medtech developed New Zealand's first practice management system with medical centres and practitioners, and was already expanding into Australia. ^[18]

The ANZ pattern of committing local people to a region repeats elsewhere. In June 2022 Banyan appointed Graham Carney as its first M&A Director in the UK, noting that it had made its first UK investment in Cardiff-based Atamis in late 2021. Berkal said Banyan was committed to investing in a dedicated and growing UK-based team. ^[7] By December, the new UK and European team had announced its first two deals: Element34 in Lachen, Switzerland, and Clockwork IT in Coventry. ^[10]

The most structured entry so far is France. In June 2026 Banyan opened a Paris office led by Ghislain Rouëssé, a software entrepreneur and former COO of Zenchef, supported by colleagues from Rothschild & Co, Roland Berger, Septeo and Mazars. ^[25] Banyan France has an initial €100 million investment envelope, targets several acquisitions from 2026, and plans around ten targeted hires, mainly in M&A. ^[25] The release frames the offer exactly as the ANZ founders described it: a third path between private equity and corporate acquirers, with a committed, permanent shareholder. ^[25]

Banyan's release headlines also mark entries into individual countries: the Nordic region via Softera in Finland (July 2024), Benelux via SmartDocuments (November 2024), Hungary via Flexi-Dent (July 2025), Brazil via Hubsoft (July 2025), Portugal via Host Hotel Systems (September 2025) and Italy via Veicoli (September 2026). ^{[28] [29] [30] [22] [31] [26]}

Permanent ownership does not stop a Banyan company from growing by acquisition itself. Automated Systems, Inc. (ASI), founded in 1981 in Lincoln, Nebraska, provides a core banking platform for US community banks and joined Banyan in August 2024. ^[15] Five months later ASI announced its own acquisition of American Bank Systems, a compliance-focused loan origination and document software provider founded in 1969, with the transaction supported by Banyan. ^[17]

The UK shows the same pattern. Banyan acquired Berkeley Myles Solutions in June 2025, and in April 2026 announced the acquisition of Javelin to join Berkeley Myles. ^{[21] [24]} In Australia, as described above, BuRPS was positioned to work closely with WorldSmart after joining. ^[20]

Founders are the most visible sellers in Banyan's releases, but they are not the only ones. The record includes several other kinds of seller, each with a reason to value a permanent owner.

• Founders and co-foundersArgus Tracking, PrintIQ, FYB, BuRPS and Harrier are all described through the founders or long-time leaders who built them. ^{[6] [8] [9] [20] [23]}
• Family ownersThe RD Jones Group sold WorldSmart after more than 20 years of ownership, looking for a buyer with values aligned to a family business. ^[14]
• Private equity fundsMedtech Global was bought from Advent Partners and its CEO; Viostream from Atlasview Equity Partners and Bloom Equity Partners. ^{[18] [13]}
• Corporate parentsVeicoli was acquired from Endurance Overseas, an example of a business finding a dedicated owner outside a larger group. ^[26]

The private equity sales are worth noting. A fund that sells to Banyan is effectively choosing a final owner for the company and its team, rather than another holder with its own exit date. Viostream's leadership said the investment process can be uncertain, but that from the beginning they saw a thesis that made it clear the company's future would be brightest with Banyan. ^[13]

Banyan's public record answers the big questions well: it holds companies permanently, it keeps management in place by default, and it lets owners shape their own transition. The work for a founder is to turn those principles into specifics for their own company. These are the questions we would bring to the exploration stage.

• My role and timelineDo I want to stay, step back over time or leave at closing, and how is that reflected in the deal structure? Banyan says this is discussed early. ^[1]
• The successorIf I step back, who leads next, and is that person already in the business or recruited with Banyan's help? ^[1]
• The Operating LeaderWho will sit with my leadership team, and which Group President will the company report into? ^{[1] [5]}
• Growth Ops in year oneWhich specialists, such as AI, payments, cybersecurity or sales, are most relevant to our plan, and how do we request them? ^[1]
• Brand and nameBanyan's stated approach is to preserve the company's identity, with specific brand decisions addressed during the acquisition and operating planning. Agree them before signing. ^[1]
• Neighbours in the groupIs there an existing Banyan cluster in my market or region, like grocery retail or fleet telematics in ANZ, and what would working with it look like? ^{[11] [20]}

Banyan's public material is detailed on principles and process, and lighter on numbers. It does not publish purchase prices, valuation multiples, revenue or margins for the group or individual companies, so this study makes no claims about them. Valuation is something Banyan discusses with each owner in the exploration stage. ^[1]

Portfolio counts vary by page and date: the English France release says 100+ companies, the French version says more than 120, the FAQ says more than 120 acquired and the September 2026 Portfolio President release says more than 125 operated. ^{[25] [1] [5]} These are consistent with a fast-growing group whose pages were written at different times. The headquarters is also described differently: the 2022 UK release calls Banyan US-based, while the 2026 France release says it was founded in Toronto. ^{[7] [25]}

Our own deal counts come from Banyan's newsroom. We count around 10 acquisition announcements in 2022, 16 in 2023, 22 in 2024, 32 in 2025 and 14 to mid-September 2026. These are posts, not companies: some posts cover two businesses, and Banyan says it has completed more than 120 acquisitions in total, so not every deal has a separate post. ^[1]