software-acquisitions
(3)
ASG
ASG has spent a decade buying the quiet software that keeps niche industries moving. Now, after more than 65 acquisitions, it is trying to turn a vertical-SaaS roll-up into an AI-native operating system.
Enghouse Turns Unloved Software Into a Cash Machine
While NICE, Talkdesk, Amazon and Microsoft spend to win the AI contact-center race, Enghouse Systems keeps buying mature software companies and holding roughly 69% recurring revenue at 27% margins. The Markham compounder is boring on purpose.
Steve Reardon
Steve Reardon is the CEO of Alpine Software Group (ASG), a Walnut Creek, California-based acquirer and operator of vertical SaaS businesses. Born in Durban, South Africa, he is an alumnus of the University of Cape Town and Stanford GSB's MSx Sloan Fellows program. Before leading ASG, Reardon founded multiple businesses including Peldon Technologies, ran South Africa's largest cycling retail chain, then pivoted to software M&A — overseeing 60+ acquisitions across legal tech, marketing tech, and other vertical software niches. Under his leadership, ASG has grown to ~160 employees and ~$25M in annual revenue, with a 65%+ growth rate and notable exits including Innovative Systems sold to GTCR for $400M enterprise value in 2025.