K1 to Exit Subsplash in Strategic Sale to Roper Technologies

Transaction Marks K1’s Fifth Exit to a Strategic Buyer and Third to a Publicly Listed Company in the Last Year

Manhattan Beach-based K1 Investment Management, LLC, one of the largest investors in small-cap enterprise software, has announced that its portfolio company, Subsplash, has entered into a definitive agreement to be acquired by Roper Technologies, Inc., a member of the S&P 500. The transaction is expected to close in the near term and marks K1’s third exit to a publicly traded strategic buyer in the past year.

Subsplash, co-founded in Seattle by CEO Tim Turner, is a leading AI-powered engagement platform purpose-built for mission-driven organizations. Its integrated suite of AI capabilities, mobile apps, media delivery, digital giving, group messaging and church management tools powers connection and growth for over 20,000 faith-based organizations worldwide.

Following K1’s initial investment in 2019, Subsplash has significantly expanded its product capabilities, go-to-market strategy and monetization engine – organically growing annual recurring revenue by approximately 7x from the fiscal year prior to investment. Subsplash transforms church engagement by creating an all-in-one AI platform that seamlessly integrates giving, media and community connection. Over the course of the partnership, the company has introduced new features across live streaming, church management and AI-powered content – strengthening their position as a category-leader while accelerating payment attachment rates and increasing platform adoption among existing users.

“This exit underscores K1’s focus on backing founder-led companies and scaling them into category leaders,” said George Mansour, partner at K1. “Subsplash is a prime example of what’s possible with the right mix of mission, market and management. In an environment where liquidity has been scarce, this outcome demonstrates the strength of the Subsplash business and ensures that its customers will continue to benefit from long-term investment, innovation and platform continuity under a top-tier company like Roper.”

“K1 was an invaluable partner on this journey. They brought deep domain knowledge and strategic clarity to the table, empowering our team to scale operationally while staying rooted in our mission,” said Tim Turner, CEO of Subsplash. “We’re thrilled to join Roper, whose commitment to long-term platform growth and innovation aligns perfectly with our vision. This next chapter will allow us to serve our customers even better, expanding the ways we help organizations connect with their communities and share life-changing content.”

The sale of Subsplash marks K1’s fifth exit to a strategic buyer and third to a publicly traded acquirer in the past year, a strong pace given broader market conditions. Notable recent realizations include Irwin (sold to FactSet), GoCanvas (sold to Nemetschek Group) and Axcient (sold to ConnectWise, a Thoma Bravo portfolio company), which contributed to a record year of distributions for K1 in 2024. This transaction also marks K1’s third realization in 2025. No investment bankers were involved in the exit to Roper, and the deal was originally sourced directly by K1’s in-house business development team – underscoring both K1’s differentiated sourcing model and its connectivity to strategic buyers in enterprise software.

Information sourced from K1 Investment Management.