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Fraxion

The Deal

Bought By
Ben Litjen
Year
2016
Vehicle
Roman Road Capital Partners, backed by Search Fund Partners, Pacific Lake Partners, Trilogy Search Partners and The Cambria Group
Kind
Software

Seattle purchasing software for mid-sized organizations, covering requisitions, approvals, budgets and spend control, bought as Paperless Business Systems, the 1997 maker of eRequester, and renamed Fraxion in a 2019 merger.

What Happened Next

Merged in 2019 with Fraxion, a South African spend-management company whose co-founder Stanton Jandrell became chief executive of the combined business under that name. A majority stake sold in May 2025 to Main Capital Partners, whose own release quotes Jandrell as chief executive and combines the company with an add-on, and two backers file it as exited, one of them dating that to 2025.

They sold a majority 9 years in, in 2025, and stayed with the company.

The exit ends of journeys like this one, where the buyer has announced the purchase itself, are on Buyers.

Backed by the Same Firms

Search Fund Partners

Pacific Lake Partners

Trilogy Search Partners

The Cambria Group

Method & Source

This record is double-sourced: it joined when the purchase and, where the company has traded on, the exit could both be read in primary accounts.