Vertu Capital acquires ActiveState Software – UPDATED

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By CPE News

CPE News (11.7.2023) – Vertu Capital has acquired ActiveState Software Inc. Financial terms were not disclosed.

The investment was made by a special limited partnership fund managed by Vertu. Peter Lee, a Vertu Operating Advisor, will Chair ActivateState’s board.

Led by Bart Copeland, Vancouver based ActiveState Software supports enterprise software developers in the secure creation and management of applications that use open source programming languages.

In December 2020, ActiveState Software secured growth equity funding from Turn/River Capital.

UPDATE: EDC invested between $25-50 million in equity in support of the acquisition.

photo credit: ActiveState Software

News Release

Vertu Capital Acquires Secure Open Source Integration Platform Company, ActiveState

TORONTO, Nov. 7, 2023 /CNW/ – Vertu Capital, a private equity firm investing in global software and software-enabled technology companies, is pleased to announce its acquisition of ActiveState Software Inc. (“ActiveState”), a Vancouver-based company that supports enterprise software developers in the secure creation and management of applications that use open source programming languages.

Widespread adoption of open source code has led to significant productivity improvements in software development but has also introduced complexity when it comes to securely managing the open source supply chain. With this increased complexity, the risk of introducing vulnerabilities has also grown, resulting in 2023 seeing as many software supply chain attacks as in the previous four years combined. Some 97% of Fortune 1000 companies are turning to ActiveState and its secure open-source integration platform to boost developer productivity while seamlessly providing the necessary compliance with security requirements.

“We are thrilled to be partnering with ActiveState at such an exciting time in their growth journey,” said Gil Nayot, Partner with Vertu Capital. “ActiveState is a well-established provider with a strong track record that is ideally positioned to support customers as both the complexity of managing open source applications grows, and with it, the need to protect against vulnerabilities. This is exactly the type of company Vertu looks to invest in – a well-run business, with proprietary technology and incredible market potential.”

“ActiveState has a long history of product innovation and leadership, and we are now at an important inflection point,” added Bart Copeland, ActiveState President and CEO. “We chose to partner with Vertu Capital because of their strong cultural alignment with our team, their enterprise software expertise, and their understanding of what it takes to scale and grow a complex but vital company like ours. We look forward to building the next chapter with them.”

Peter Lee, a Vertu Operating Advisor, will Chair ActivateState’s board. Lee is a tech founder and operator with more than 20 years of experience scaling successful software businesses, with deep operational, product and talent management expertise.

“I am looking forward to working with the team at ActiveState and collaborating on building out their unique market opportunity,” said Lee. “Being able to securely manage complex, open source supply chains is quickly becoming mission critical for businesses across the board, and ActiveState is well positioned to deliver much-needed solutions. This is an exciting time for the company and I am very pleased to be supporting them.”

About Vertu

Vertu Capital is a private equity firm that invests in high potential global technology companies, with a focus on software and software enabled businesses. Vertu’s mission is to partner with management teams of market leading and scaling companies to accelerate and support the next stage in their growth journey. Vertu’s team brings decades of domain experience, best practices, actionable value creation strategies and a deep network to its portfolio investments. Vertu has offices in Toronto and Montreal. For more information, please visit

About ActiveState

ActiveState helps developers escape dependency hell and get straight to coding – securely. We’re redefining the way companies ship and manage software built with open source, with over 20 years of experience partnering with enterprises developing in multiple open source programming languages. Start securely integrating open source dependencies into your build process with a free ActiveState account, or contact us for more information at

SOURCE Vertu Capital

For further information: Vertu Media Contact: Contact: Laura Auquilla, Email: