Having spent years as an operator inside Private Equity-backed software companies across Europe and going through the PE cycle more than once has given me a clear view of where the model works and where it doesn’t. Two, three, or four years is not a long time in which to drive genuine value for a specialised software business. And once you’re two-plus years into a PE investment, something shifts: the investor has one eye on an exit, while you, as an operator, are still thinking five or ten years ahead. Those two things don’t always sit well next to one another.

This tension was the founding motivation for Upliift. The model we’ve built is straightforward in principle: no fund cycle, no acquisition debt, no exit mandate. The difference between Permanent Equity and traditional private equity comes down to intent. One buys to hold, the other to sell. That distinction shapes everything.

Who Permanent Equity is built for

Unlike Private Equity or Venture Capital, which typically operate on an investment horizon of a few years, Permanent Equity investments can span decades. In specialised B2B software businesses, where the total addressable market is well-defined but by nature smaller, taking a genuinely long-term view isn’t just preferable. It’s the only approach that makes sense.

The founders we work with operate within our four Business Units: Healthcare, Financial Services, Workforce Management, and Manufacturing & Distribution. They lead highly successful, specialised software businesses they are rightly proud of – strong market positions, cash flow positive, with recurring revenues and loyal customer bases. But the value of these companies is more than purely financial. Just as important are the cultures that have been built, the motivated teams, and the trust they have earned with customers over many years. Great companies deserve great deals to secure their future.

What makes Upliift’s approach different

We invest in alignment with everything that made a business great in the first place: the culture, the team, and the leadership position. We focus on fair valuations and long-term growth over decades, not just years, without saddling companies with unsustainable levels of debt.

Luca Prazzoli, CEO of the SEC Group, one of our Italian portfolio founders, reflects on what made the difference for him:

“Although Upliift’s Permanent Equity model was new to us, its focus on maintaining the company’s value, and a respect for our identity, prompted our decision to move ahead with them.”

We can structure investments in stages, allowing founders to realise some value while staying actively involved. Exactly how that looks depends on the agreement. Every deal is different, and we structure each one around the specific goals, circumstances, and ambitions of the founder. What stays consistent is the principle: founders continue to share the upside created through the partnership, with a focus on long-term incentives and rewards. Where it makes sense, we can also help fund and drive complementary mergers and acquisitions.

Ángel Blesa, CEO of Codeoscopic, an InsurTech business based in Spain, joined the Upliift portfolio in 2025. He describes the shift in mindset that came with it:

“Upliift brings a long-term mindset that allows us to keep building for the future — to remain ambitious and focused on what matters most: innovation, people, and our customers.”

Damir Šafarić, Founder and CEO of Media-Soft, a leader in Workforce Management software, shares a similar perspective:

“Upliift understands our business and shares our vision for the future, focused on delivering real value to our customers, growing sustainably, and continuing to develop high-quality, industry-specific solutions. Our customers, partners, and team will only benefit from this next chapter. We’re excited for the future.”

Not all Permanent Equity is created equal

I’ll be direct about this, because I’ve seen it first-hand.

Some investors claim to “buy now and hold forever” without really being true to that. In practice, they apply a standardised approach that doesn’t account for the specific dynamics of each business, and founders often end up worse off as a result. The patterns I’ve observed most often are: businesses are undervalued from the outset; with no meaningful investment in growth or innovation after the deal closes; and pressure to push up prices without adding value, which puts customer loyalty at risk.

Permanent Equity done well should look nothing like this. The long-term intent has to be genuine, and it has to be reflected in how the investment is structured, how the business is supported, and how decisions are made over time.

How we guide growth — organic and inorganic

When we invest in a business, it comes from a position of genuine depth. We spend considerable time understanding the specific market dynamics of each sub-segment we operate in. The companies we like to work with have clear market leadership in their niche. From the customer’s perspective, they are seen as thought leaders, with a strong point of view on where the market is heading. That positioning creates real strategic optionality in how the business grows.

In every engagement, we bring a playbook that builds on those existing strengths and augments them with proven go-to-market best practices. A key framework we use is the Business Quality Ratio (BQR), more broadly known as the Rule of 40, which gives founders and CEOs a clear, shared language for tracking and improving business health year on year. Where organic growth is the priority, this typically unlocks top-line ARR growth that may not have been fully realised before. Where inorganic growth makes sense, we work alongside founders to identify, assess, and execute bolt-on acquisitions end-to-end.

What the next chapter looks like

In just two years, Upliift has grown into a trusted Permanent Equity partner for specialised software businesses across Europe. We are now evolving from investor into an integrated European software group, unlocking deeper synergies across our portfolio and giving us greater clarity on the path ahead. Every investment is guided by a simple question: how does this decision strengthen our four core Business Units? The goal is to scale purposefully while creating long-term value.

Our philosophy on portfolio support has been fundamental to me since the very beginning. We back and support founders and CEOs to run their businesses, while preserving a strong sense of ownership and accountability. Anything that diminishes that is, in my view, counterproductive to the long-term value creation we are aiming to achieve. In practice, that means hands-on support across go-to-market, finance, and product, and as our portfolio grows, increasingly through peer-to-peer knowledge sharing between portfolio CEOs and CTOs, learning from one another directly and helping each business move faster than it could on its own.

Get in touch

If you are a founder thinking seriously about your options — whether that is taking some value off the table, finding a long-term growth partner, or simply understanding what Permanent Equity could mean for your business — I would welcome a conversation.

You can reach us at contactus@upliift.com. There is no pressure and no agenda beyond understanding whether we might be the right partner for each other.