Street Talk

Boston’s PSG Equity comes calling for Melbourne software biz Uptick

Sarah Thompson, Kanika Sood and Emma Rapaport

Apr 1, 2025 – 2.56pm

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A week after Boston-based buyout and growth equity firm PSG Equity unveiled its maiden investment in Australia, Street Talk’s caught it reeling in another local bet in rival Accel-KKR’s portfolio.

Sources told this column on Tuesday that PSG is in advanced discussions to acquire Uptick, a software provider to the building compliance industry, focused on fire safety and heating, ventilation and air-conditioning (HVAC). It comes nearly four years after Uptick founder Aidan Lister sold a majority stake to Accel-KKR but retained a shareholding and the CEO role.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.