Private Equity Funcast Software Holdcos in Australia
Jan 16, 2026
Scott Middleton, CEO and founder of Terem Capital, dives into the world of Australian software holdcos. He shares his journey from selling a mobile game at 14 to successfully spinning out enterprise software. Scott explains different holdco models and details Terem's accumulator strategy for acquiring B2B tech firms. He highlights the Australian market's potential, emphasizing patience in management and M&A. With a keen focus on automation and operational efficiency, he reveals his criteria for selecting tech targets and near-term acquisition plans.
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Teenage Game Founder Exit
- Scott built and sold a mobile game at age 14 and used the proceeds to buy consumer items, not reinvest.
- That early exit sparked his lifelong interest in tech and software businesses.
Spin-Out Then Exit
- Scott spun out an enterprise contact center product from a large insurer and sold it to a Nasdaq-listed buyer 18 months later.
- That successful M&A taught him the operating and transactional playbook he now applies at Terum Capital.
Four Holdco Models
- Holdco is simply a company that owns multiple companies, but several repeatable models exist.
- Models include roll-up, transformer, accumulator, and diversified conglomerate with different operational focus.