# Stelao

> An operating partnership for software companies. Stelao acquires, operates, and transforms software companies: flatter, smarter, and built for the AI era.

## About

Stelao is an operating partnership founded in 2023 by Matt DiMaria (CEO), Adam Ragauskis, Chris Loeper, Kurt Nelson, and Danny Bohannon. The company is headquartered in Nashville, TN, with additional offices in Austin, TX and San Francisco, CA.

Stelao operates in three ways:

1. Partners with capital firms (including GTCR and Alpine Investors) to acquire and operate software companies, then drives growth with lean teams and AI.
2. Invests directly and backs companies on its own, drawing on decades of leading teams, innovating, and delivering growth.
3. Builds proprietary technology and applies it inside its portfolio companies to grow faster.

## Track record

The Stelao leadership team previously comprised the executive management at Mindful, formerly Virtual Hold Technology (VHT), a contact center callback software company founded in 1995. Matt DiMaria was brought in as CEO when Alpine Investors acquired VHT in 2018. Over the roughly four-year hold, the team:

- Moved the business off perpetual licenses and maintenance onto a SaaS subscription model
- Grew the new SaaS offering more than 100% for three consecutive years
- More than doubled overall revenue, and added over 30% to both headcount and active clients
- Rebranded VHT as Mindful in April 2022
- Sold the company in 2022 to Medallia, a Thoma Bravo portfolio company

Alpine Investors, which backed the team at Mindful, is now a Stelao capital partner.

## Founders

- **Matt DiMaria** (CEO, Co-Founder) · https://www.linkedin.com/in/mattdimaria/
- **Adam Ragauskis** (Co-Founder) · https://www.linkedin.com/in/adam-r-7794896/
- **Chris Loeper** (Co-Founder) · https://www.linkedin.com/in/loeper/
- **Kurt Nelson** (Co-Founder) · https://www.linkedin.com/in/kunelson/
- **Danny Bohannon** (Co-Founder) · https://www.linkedin.com/in/danbohannon/

## Acquisitions

- **Reactor** (acquired 2026): Low-code ETL platform that turns raw data into AI- and analytics-ready datasets. Native integrations with Snowflake, BigQuery, and Databricks. Includes a semantic layer and immutable raw-data logging for replayable pipelines. https://reactordata.com

## Capital partners

- **GTCR** · Leading private equity firm, partner in the Stelao operating partnership. https://www.gtcr.com
- **Alpine Investors** · People-driven private equity firm. https://alpineinvestors.com

## Pages

- [Home](https://www.stelao.com/): Overview, three ways we work, leadership team, track record
- [Updates](https://www.stelao.com/updates): Press releases and announcements
- [Contact](https://www.stelao.com/contact): Get in touch
- [Brand Assets](https://www.stelao.com/brand): Download logos and brand pack

## Contact

- Website: https://www.stelao.com
- LinkedIn: https://www.linkedin.com/company/stelao
- Contact form: https://www.stelao.com/contact
- Headquarters: Nashville, TN