BIRMINGHAM, AL. (October 15, 2026) – Founders is pleased to announce that Yellow Dog Software (“Yellow Dog”) has been acquired by Fraxion (“Fraxion”), a procure-to-pay (P2P) platform for mid-market organizations. Yellow Dog was exclusively advised by principals of Founders Advisors, LLC in this transaction.

Founded in 2006 and led by CEO Jay Livingood, Yellow Dog provides a purpose-built inventory management platform for hospitality and venue-based operators, supporting retail, food & beverage, and concessions workflows. Based in Norfolk, Virginia, the platform is a trusted system of record for sports and entertainment venues, amusement and attractions, lodging, institutional campuses, and clubs, and is used by more than half of professional sports teams. Yellow Dog’s configurable workflows and extensive network of integrations with point-of-sale, accounting, e-commerce, and other back-office systems give customers accurate, real-time inventory control across complex, multi-outlet environments.

The combination brings together Fraxion’s procure-to-pay platform with Yellow Dog’s established inventory management solution, creating complementary capabilities for organizations where procurement, inventory, and operating costs are closely linked. Yellow Dog serves customers across hospitality, sports, food and beverage, and retail, including resorts, casinos, stadiums, restaurants, universities, clubs, and high-volume concession and retail environments. Its platform is used by more than 900 customers across 1,600 venues and more than 20,000 outlets.

“Managing spend is about more than controlling what an organization buys. It’s about visibility from the purchase decision through to what is received, used, and on hand. Yellow Dog extends Fraxion’s capabilities beyond procure-to-pay into inventory management, adding greater visibility into the downstream impact of purchasing decisions. This gives organizations more context to manage inventory and costs, identify opportunities to reduce waste, and make more informed decisions,” said Stanton Jandrell, CEO of Fraxion.

“For nearly two decades, our mission has been to make inventory management easier for the companies that depend on us. Joining Fraxion gives us an opportunity to extend that mission into procurement and help customers gain greater visibility across the processes that connect purchasing and inventory, while continuing to provide the solution and support they know and trust,” said Jay Livingood, Founder and CEO of Yellow Dog Software.

“When you decide to sell your company, you quickly realize there is so much more to the process than you ever imagined. Having an incredibly knowledgeable advisor you can trust is absolutely critical, and Founders Advisors was an ace throughout the entire process,” added

Jay. “They helped me navigate complex decisions and uncover opportunities that made an enormous difference in the ultimate outcome.”

“As a big sports fan, Yellow Dog Software was one of the coolest businesses I’ve had the opportunity to work alongside,” said Chris Weingartner, Managing Director and Head of the Enterprise Practice at Founders Advisors. “Rarely do we, as patrons, pause to think about all that goes into major venues and entertainment facilities hosting games, concerts, and events, and what it takes to have their retail, food and beverage operations run well. Serving Jay and the Yellow Dog team provided a huge appreciation for how their platform was the engine that helped make events go smoothly, and how mission critical Yellow Dog is to some of the marquee events and venues both domestically and abroad. We’re thrilled for the new partnership with Fraxion and Yellow Dog, and the continued success they’ll have together.” Fraxion is a portfolio company of Main Capital Partners. Click here to view the full transaction announcement.

 

About Fraxion

Founded in 2003 and headquartered in Seattle, Washington, Fraxion provides procure-to-pay software for proactive spend management to mid-market organizations. Fraxion gives the Office of the CFO the visibility, controls, and embedded intelligence to manage processes and spending across the organization with greater confidence and efficiency, enabling better-informed decisions. Built on a unified platform, Fraxion brings procurement, accounts payable, expenses, payments, and spend analytics together in a single solution. Flexible integrations support the ERP and accounting systems organizations use today or may adopt in the future, across cloud, legacy, and niche environments. Learn more at www.fraxion.biz.

About Yellow Dog Software

Founded in 2007 and headquartered in Norfolk, Virginia, Yellow Dog Software is a provider of inventory management software purpose-built for hospitality and sports venue operations, serving retail, food and beverage, and concessions workflows for customers in sports & entertainment, hospitality, and institutional settings. Yellow Dog’s platform integrates with more than 130 point-of-sale systems and 300 total third-party systems, giving customers a POS-agnostic view of inventory across procurement, receiving, and sale, and enabling real-time visibility and control in complex, high-volume environments. Learn more at www.yellowdogsoftware.com.

About Main Capital Partners

Main Capital Partners is a software investor managing private equity funds active in the Benelux, DACH, France, the Nordics, the United Kingdom, and North America with approximately EUR 12 billion in Assets under Management. Main has over 20 years of experience in strengthening software companies and works closely with the management teams

in their portfolio as a strategic partner to achieve profitable growth and larger international software groups. Main has approximately 110 employees operating out of its offices in The Hague, Düsseldorf, Stockholm, Antwerp, Paris, London, and an affiliate office in Boston. Main maintains an active portfolio of over 55 software companies. The underlying portfolio employs approximately 15,000 employees. Through its Main Social Institute, Main supports students with grants and scholarships to study IT and Computer Science at Technical Universities and Universities of Applied Sciences. Learn more at www.main.nl.

About Founders Advisors

Founders Advisors brings deep sector expertise in Software and Tech-Enabled Services, supported by broader experience across Industrial, Technology, Healthcare, and Consumer markets. We provide insight into industry trends, competitive dynamics, and positioning strategies that drive meaningful investor engagement. If you are exploring a potential sale or evaluating strategic options in the Enterprise Software and SaaS sector, please feel free to reach out to our team.