Astira Capital Partners, a Boston-based private equity firm focused on technology-enabled and data-driven services, has completed the acquisition of Altus Commercial Receivables, a leading provider of commercial receivables management solutions. Altus was previously divested by ARMStrong Receivable Management, a portfolio company of BharCap Partners, LLC.
Altus Commercial Receivables specializes in providing businesses with solutions to address challenges within the office of the CFO, including unpaid invoices and cash flow management. The company integrates the expertise of seasoned professionals with industry-leading technology, leveraging intelligent automation and advanced analytics to streamline and accelerate collection processes. Altus serves as a trusted partner for organizations ranging from small enterprises to multinational corporations across various industries.
Chris Ritchie, Partner at Astira, commented, “Altus has built an impressive reputation as the leader in commercial receivables management. The company’s integration of proprietary technology, deep domain expertise, and a client-first approach makes them uniquely positioned to help businesses improve their working capital efficiency. We are excited to support Altus as they expand their platform and deliver even greater value to their clients.”
Astira’s investment is expected to accelerate Altus’ technology roadmap and strengthen its capacity to deliver market-leading outcomes for clients. Azra Kanji, Founder and Managing Partner of Astira, stated, “Altus’ platform and unwavering commitment to professionalism, compliance, and client outcomes align perfectly with Astira’s investment philosophy. We see tremendous opportunity to build on Altus’ leadership position and drive growth through investment in technology and human capital.”
Jim McDermott, Chief Executive Officer of Altus, expressed enthusiasm for the partnership, saying, “We are thrilled to partner with Astira as we continue to scale Altus. Astira’s deep experience in technology-enabled services and its focus on value-added operational and strategic support will be instrumental in accelerating our growth. Together, we will continue to innovate and deliver best-in-class solutions for our clients.”
For the transaction, Guggenheim Securities LLC served as the sole financial advisor to ARMStrong, with Greenberg Traurig LLP acting as legal counsel. Houlihan Lokey Capital Inc. served as strategic advisor to Astira, and Kirkland & Ellis LLP served as its legal counsel.
Astira Capital Partners, founded in 2023 by Azra Kanji, invests out of its $675 million Fund 1. The firm partners with founders and management teams to scale leading middle-market technology-enabled and data-driven services businesses. Astira’s approach supports value creation through investments in human capital and technology, alongside implementing best-in-class operational practices, particularly in sales and marketing and data science.
