| K1-backed Onit adds-on Bodhala, Platinum considers single-asset option for porta-potty business United Site Services
Note to readers: Due to technical difficulties, the wire did not run as scheduled. We apologize for the delay. Now, to the news.
Happy Thursday!
If you got caught in the remnants of Hurricane Ida last night, hope all is well at your homestead. Here at the Metuchen bureau, we got nailed with more rain in a concentrated period of time than I can remember. Dry out day today!
We have news today that Onit, a legal enterprise software provider backed by K1 Investment Management, added-on Bodhala, its fourth add-on under K1's backing, writes Karishma Vanjani today on PE Hub.
K1 invested $200 million in Onit in 2019, and has since added-on AXDRAFT, a document automation tool; McCarthyFinch, an AI platform to accelerate contract reviews; and SimpleLegal, a legal operations software business.
Also, Platinum Equity is considering a deal for more time and capital for its portfolio company United Site Services, a portable restroom rental services business.
That's it for me! Hit me up with tips n' gossip, feedback and most importantly, book recommendations at cwitkowsky@buyoutsinsider.com or find me on LinkedIn. I'm just finishing up a crime novel called, "In a Lonely Place", which is a mystery story from the perspective of the criminal. Makes for interesting, and disturbing, reading.
Read the full wire commentary on PE Hub...
Also of note (may require subscriptions) Education: Francisco Partners acquired Follett School Solutions, a K-12 software and content unit of Follett Corp. Paul Ilse, most recently CEO of Discovery Education, will become CEO of FSS Software. Read it here.
Performance: New Mexico SIC reported strong PE performance over recent quarters, but the program missed its benchmark for the asset class. This was in part due to drag from a legacy portfolio the system is managing out. Read more here on Buyouts.
Tech: Vista Equity Partners invested in Drift, which provides conversational commerce services for B2B. The deal is expected to close in the fourth quarter. Read it here.
PE Deals 
They said it “Given the market data around diversity, equity and inclusion improving business performance, and what we have seen ourselves, we are energized by the opportunity to not only lead by example but also continuously evolve how we think about this across our portfolio and apply it. We believe the size and scale of our platform can effect lasting impact while delivering consistent, strong returns to our LPs.” Rachel Arnold, senior managing direcor at Vista Equity, talks to Buyouts about diversity.
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