Exa Capital buys Flow Software to deepen ANZ reach

Exa Capital has acquired Flow Software, an Auckland-based provider of systems and data integration software for businesses across Australia and New Zealand. The deal expands Exa's presence in the region and adds an integration platform focused on connecting enterprise systems across supply chains.

Flow Software develops integration tools that connect enterprise resource planning, warehouse management, customer relationship management, logistics, electronic data interchange, and eCommerce platforms into a unified data environment. Its Statelake platform is used by retail, logistics, FMCG, and distribution firms to automate data flows between operational systems.

ANZ expansion

The acquisition marks Exa's second portfolio company in New Zealand and extends its international footprint in the Australia and New Zealand enterprise software market. Exa focuses on acquiring established enterprise software vendors and holding them long term rather than pursuing exit cycles common in private equity.

Flow Software serves more than 140 businesses across Australia and New Zealand. The company reports an average customer relationship of 11 years. Its customer base spans retailers, distributors, and logistics operators that rely on system integrations to manage inventory, orders, and fulfilment across multiple platforms.

"Flow has built a durable and highly respected business with a strong leadership team and a loyal customer base across Australia and New Zealand," said Omer Sajid, Founder and CEO, Exa Capital. "Their platform plays a critical role in transforming fragmented data into reliable, actionable insights. We're excited to deepen our presence in the region and support Flow's continued growth while preserving the independence and culture that have driven their success."

Integration platform

Flow Software's Statelake platform is designed to integrate operational systems used across supply chains. The platform connects ERP, WMS, CRM, 3PL, EDI, and eCommerce applications into a managed environment. This allows businesses to synchronise data such as orders, inventory, shipments, and customer records across systems without manual reconciliation.

Integration platforms have become central to digital operations in retail and distribution sectors. Companies often run multiple systems across procurement, warehousing, transport, and online sales. Integration layers ensure consistent data across these systems and enable automation of workflows such as order processing and inventory updates.

Flow Software positions its platform as an integration-as-a-service offering. Customers use it to automate data exchanges between internal and external systems, including third-party logistics providers and trading partners. This reduces manual processing and improves data consistency across supply chain operations.

Operating model

Flow Software will continue to operate independently after the acquisition. The company will retain its leadership team, brand, and customer relationships under Exa's decentralised ownership model. Exa provides capital and back-office support while leaving operational control with acquired companies.

Exa Capital was founded in 2020 and focuses on enterprise software businesses with established products and long-term customers. Its model centres on permanent ownership rather than resale. Acquired companies continue operating with existing management while receiving funding and operational resources.

Flow Software's headquarters will remain in Auckland. Its platform development and customer delivery teams will continue supporting customers across Australia and New Zealand. The acquisition does not involve restructuring or integration into another product stack.

Market context

Enterprise integration platforms have become critical in sectors that rely on multi-system operations. Retail and logistics firms often connect ERP systems with warehouse software, transport management platforms, and eCommerce channels. Integration layers allow real-time data sharing across these systems.

Australia and New Zealand supply chains have expanded digital infrastructure in recent years. Businesses increasingly operate across online and physical channels, warehouses, and logistics partners. Integration platforms help manage data consistency across these environments.

Flow Software's customer base includes FMCG distributors and retailers that rely on automated data flows between suppliers, warehouses, and sales channels. Integration platforms also support EDI connections with trading partners and logistics providers, enabling electronic order and shipment exchanges.

Growth plans

Flow Software will expand its platform capabilities and customer base with Exa's backing. The company plans to continue developing its integration platform while serving existing customers in Australia and New Zealand.

"Flow has earned trust over two decades by doing one thing exceptionally well – delivering reliable integrations across complex environments," said David Masters, CEO, Flow Software. "Exa's permanent backing means we can extend that track record by expanding capabilities, supporting more customers, and continuing to deliver the reliability our partners depend on."