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K1 Achieves $1.7B in Liquidity Since December 2023MANHATTAN BEACH, Calif., July 3, 2024 /PRNewswire/ -- K1 Investment Management ("K1"), one of the largest small-cap enterprise software investment firms, yesterday completed the sale of its portfolio company GoCanvas®. GoCanvas, a leading field worker collaboration software provider, was acquired by Nemetschek Group (FRA: NEM), a leading global provider of software solutions for the architecture, engineering, construction, operations (AEC/O) and media industries.Following K1's acquisition of GoCanvas in 2019, the company made substantial investments to drive customer-focused innovation and propel its growth trajectory, and revenue grew by close to 4x. During the partnership, K1 facilitated the strategic add-on acquisitions of DeviceMagic and SiteDocs, further enhancing GoCanvas's market presence and product offerings, and solidifying its position as a category leader in field worker collaboration software. With strong annual recurring revenue (ARR) growth of approximately 20% in recent years, GoCanvas generated an ARR of USD $67 million in 2023.With this realization, K1 has generated a record $1.7B in proceeds from 9 distribution events over the past seven months Post thisThe sale, which represents a milestone for both K1 and GoCanvas, culminates in an all-cash deal valued with an acquisition multiple of approximately 11.5x 2023 ARR. K1's initial investment of over $100 million came from its fourth fund, K4, raised in 2018.Sujit Banerjee, Managing Director at K1 Operations, commented on the strategic exit, emphasizing the pivotal role of management in GoCanvas's success. "The sale of GoCanvas marks yet another highlight in K1's ongoing commitment to building category leading enterprise software companies