Alpine has sold a majority stake in Innovative Systems to GTCR

Innovative Systems

Founded in 1998 and headquartered in Mitchell, South Dakota, Innovative Systems provides an integrated suite of mission-critical operating and billing software systems (OSS / BSS) as well as native payments and bill processing capabilities. Innovative Systems’ platform enables independent service providers to seamlessly manage their business, deliver modern network services and reduce operating costs. The comprehensive product suite creates a seamless, end-to-end operational and billing experience that eliminates the cost and complexity associated with integrating and maintaining disconnected point solutions. The company delivers a complete offering coupled with high-quality, 24 / 7 customer service to broadband service providers, utilities, cooperatives and municipalities across the country.

The Deal

Lincoln International was engaged to lead the sale of Innovative Systems in part due to its deep expertise across communications, utilities and government software, along with extensive buyer relationships across those industry verticals and the financial sponsor community. Lincoln conducted an efficient and competitive process, highlighting the company’s market-leading product suite, unique industry tailwinds, growth opportunities in new verticals, fragmented landscape with various add-on targets and robust organic growth under Alpine’s ownership.

Building upon its mission-critical software platform, Innovative Systems will continue to expand its market leadership under GTCR’s ownership. The company represents the latest partnership in GTCR’s history of investing in vertical market software companies, including Lexipol and Once For All; telecommunications infrastructure businesses, including Point Broadband, Clearwave Fiber and Mega Broadband Investments; and payments technology companies, including Worldpay and prior investments in Paya and RevSpring.

Our Perspective

Mark Yurko, Managing Director in Lincoln International’s Technology Group who led the transaction, commented, “It has been a privilege to partner with Innovative Systems and Alpine Investors on this successful transaction. The sale of Innovative Systems represents a transformative deal in the broadband technology sector, and I believe that the strategic partnership with GTCR will enable the company to accelerate its significant growth potential. We are excited to track Innovative Systems in its next chapter and to continue partnering with Alpine in the future.”

Alpine Investors

Alpine Investors is a people-driven private equity firm that is committed to building enduring companies by working with, learning from and developing exceptional people. Alpine specializes in investments in companies in the software and services industries. Its PeopleFirst strategy includes a talent program which allows Alpine to bring leadership to situations where additional or new management is needed post-transaction. Alpine has more than $18 billion in assets under management as of June 30, 2025, and has three offices in San Francisco, New York and Salt Lake City. For more information about Alpine Investors, visit www.alpineinvestors.com.

GTCR

Founded in 1980, GTCR is a leading private equity firm that invests behind The Leaders Strategy™—finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through organic growth and strategic acquisitions. GTCR is focused on investing in transformative growth in companies in the business & consumer services, financial services & technology, healthcare and technology, media & telecommunications sectors. Since its inception, GTCR has invested more than $30 billion in 290+ companies, and the firm currently manages approximately $50 billion in equity capital. GTCR is based in Chicago with offices in New York and West Palm Beach. For more information about GTCR, please visit www.gtcr.com.

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