San Antonio holding company Dura Software announced on Friday that it has closed on a $10 million funding round.
The company said it is the largest sum of equity raised in the local tech industry this year. Dura Software focuses on acquiring niche business-to-business, software-as-a-service (SaaS) companies and moving their headquarters to San Antonio.
Dura has acquired two companies over the past several weeks. The Soledad Street-based firm announced it had purchased Nordic IT, a maritime shipping industry email service, in August. Last week, Dura scooped up virtual events site 6Connex.
The $10 million haul will fuel more acquisitions for Dura, which plans to purchase four to six companies a year for the next several years.
“We are excited that our vision is resonating well with founders of the companies we acquire, their employees, and the investment community,” CEO Paul Salisbury said in a statement. “The early success of our SaaS operating model and the excitement we have seen during this round of financing validates that were are on the right track.”
Dura also named the company’s full board of directors. It includes co-founders Salisbury and Michael Girdley, Dura’s executive chairman, along with Matt Morris of Ozone Capital Management – the Redwood, California, investment company that led the funding round. Bianca Rhodes, CEO of San Antonio company Knight Aerospace, and investor-entrepreneur John McGuire round out the board.
While many of the companies Dura has acquired maintain some of their operations elsewhere, all three companies on its roster have relocated their headquarters to San Antonio as part of the deals. Its portfolio includes mobile device administration platform Moki Mobility, which the firm bought in June 2018; Nordic IT, an email service widely used in the maritime shipping industry; and 6Connex, which offers to host webinars, virtual trade shows, and e-learning courses.
Dura’s focus is to grow the companies it buys with no intention to sell them. Its strategy is to acquire software firms with products that are vital to their clientele, Salisbury has said.
The firm is looking to make local hires to staff its newly relocated portfolio companies.