ActiveState Software, a Portfolio Company of Turn/River Capital, Acquired by Vertu Capital

2 minute read | November.15.2023

Vertu Capital, a private equity firm investing in global software and software-enabled technology companies, has acquired ActiveState Software, a portfolio company of Turn/River Capital.

Orrick advised Turn/River Capital and ActiveState.


  • Turn/River Capital is a San Francisco-based private equity firm that specializes in growth capital investments, founder liquidity, buyouts, spin-outs and recapitalizations of technology, web and SaaS companies.
  • ActiveState is redefining the way companies ship and manage software built with open source, with over 20 years of experience partnering with enterprises developing in multiple open source programming languages.
  • Vertu Capital is a private equity firm that invests in high potential global technology companies, with a focus on software and software enabled businesses.


ActiveState partnered with Vertu Capital “because of their strong cultural alignment with our team, their enterprise software expertise, and their understanding of what it takes to scale and grow a complex but vital company like ours,” said Bart Copeland, ActiveState President and CEO. “We look forward to building the next chapter with them.”


Orrick’s Daniel Lopez led the Orrick team that advised Turn/River Capital. The team also included Matthew Gemello, Nicole Huang, Stephen Chao, Catherine Conners, Eric Wall, Peter Connors, Jason Flaherty, Daniel Forester, Craig Falls, Keith Tidwell, Criselda Sandoval, Maria Sergeyeva, Karen Cannon, Tamir Debbi, Bianca Ponziani, Taylor Ranfos, Anika Nayyar, Joshua Steiman and Vanessa Fuller.


ActiveState news release

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