Macquarie Capital has become the new owner of Calcomey, a nearly 30-year-old Texas company that sells outdoor certification courses used by states.
This latest deal involves two sectors that have become increasingly active in the government technology space: private equity and recreational.
Macquarie Capital, the principal investment arm of Macquarie Group and based in Australia, acquired a controlling stake in the company from Boston-based private equity firm Cove Hill Partners, which acquired Karcomay in 2020, heralding a continuing flood of private equity money into government technology.
The deal marks Macquarie's 12th public sector deal in five years, according to a statement. For example, about two years ago, PayIt, which sells payments and other digital transaction services to public sector organizations, raised about $90 million from Macquarie.
According to the statement, Karcomay has developed “more than 360 regulatory approved educational courses serving more than 110 government agencies,” including every U.S. state and Canadian province.
One example is in Wisconsin, considered an outdoor haven by many residents, where the state is using the company's Offroad-ed.com product to educate residents about ATVs and other off-road skills.
The company claims that its products train and certify more than 1 million people a year.
Outdoor and recreation technology has become a bigger target for investors. Earlier this month, for example, Providence Equity Partners, which specializes in communications, education and technology, made an equity investment in Brandt Information Services, which sells hunting and fishing licenses and campground reservation services.
As these investments are being made, states are working to improve their outdoor and recreation management services, with Minnesota being the latest example. Minnesota is the so-called “Land of 10,000 Lakes,” and actually has over 11,842 lakes. The basic idea is to update state outdoor licenses and permits for mobile phones and other digital channels.
As part of the investment in Karcomay, Macquarie's senior managing directors Larry Handen and Jared Doskow will join the company's board of directors.
“For nearly three decades, Karcomay has enabled millions of Americans to experience the great outdoors safely and responsibly,” Handen said in a statement. “We are excited to build on this legacy by supporting the important work of state, local and regional agencies who work tirelessly to conserve and protect both people and natural resources.”
