BOSTON, MA (October 27, 2025) – Aeris Partners is pleased to announce that Sunwave Health Inc. (“Sunwave” or “Company”) and Lightning Step Technologies, leading providers of modern software solutions for behavioral health and substance use organizations, have combined to form a unified technology platform, purpose-built for behavioral health providers nationwide. The merger is supported by a strategic growth investment from BVP Forge, in addition to existing investors Level Equity, Blueprint Equity, and Gallant Capital Partners.
Aeris Partners served as the exclusive financial advisor to Sunwave, Level Equity and Blueprint Equity. Terms of the transaction were not disclosed.
Sunwave is a leading provider of purpose-built, cloud-based software solutions for behavioral health and addiction treatment providers. The Company’s unified platform integrates electronic health records (EHR), customer relationship management (CRM) and revenue cycle management (RCM) to streamline clinical, operational and financial workflows. Sunwave’s platform enables customers to improve patient and operational outcomes through increased efficiency, improved data and analytics, and enhanced operational workflows.
Combined, Sunwave and Lightning Step serve a national network of more than 3,000 facilities, spanning all 50 states and supporting over 34,000 users. The combined company is one of the largest and fastest-growing software providers serving the behavioral health and substance use treatment market.
“Sunwave’s differentiated platform drives meaningful clinical, financial and operational outcomes for its customers,” said David Joncas, Managing Director at Aeris Partners. “It was a pleasure to advise Sunwave, Level Equity and Blueprint Equity on the transaction and we’re truly excited for the Company’s next phase of growth.”
“The combination of Sunwave and Lightning Step creates one of the most comprehensive and fastest-growing software providers in the behavioral healthcare market,” said Garin Arevian, Managing Director at Aeris Partners. “We are confident that the combined company is exceptionally well-positioned for long-term success.”
About Sunwave
Founded in 2014 and headquartered in Delray Beach, FL, Sunwave Health is a leading provider of behavioral health software. Combining EMR, CRM, RCM and AI solutions built for behavioral health facilities into one unified product, Sunwave offers solutions that increase efficiency.
About Level Equity
Level Equity is a lower middle market private investment firm focused on providing capital to rapidly growing software and technology-enabled businesses. Level Equity provides long-term capital across various transaction types in support of continued growth. The firm has raised over $4.5 billion in committed capital for its closed funds and co-investments and has made over 125 investments since its inception.
About Blueprint Equity
Blueprint Equity provides expansion capital to high-growth, capital efficient enterprise software and technology-enabled services businesses worldwide. Blueprint Equity has $275 million of assets under management and is based in Solana Beach, CA.
About Lightning Step
Lightning Step, founded by former treatment center owners, operators and clinicians, provides a comprehensive EMR, CRM and RCM platform purpose-built for behavioral health and addiction treatment facilities. As a fully integrated solution for managing the complete lifecycle of patient care, Lightning Step streamlines interdepartmental workflows, enhances operational efficiency, and improves clinical outcomes.
About BVP Forge
BVP Forge is a private investment firm for growth-oriented, self-sustaining software-enabled and services businesses paired with access to the Bessemer Venture Partners platform. BVP Forge invests from a $780 million fund in partnership with the $19 billion Bessemer Venture Partners venture platform that has backed industry defining businesses such as LinkedIn, MindBody, PagerDuty, Procore, ServiceTitan, Shopify, Toast and Twilio.
About Gallant Capital
Gallant Capital Partners is a private equity firm that invests in technology, business services, and industrial companies. Gallant Capital Partners executes an operationally focused investment strategy with a priority on partnering closely with companies that can benefit from its extensive industry relationships and operating expertise. The firm partners with owners, founders, and management teams to maximize value and drive long-term, sustainable growth for its portfolio companies. Gallant was founded in 2018 and is headquartered in Los Angeles.
About Aeris Partners
Aeris Partners, a leading boutique investment bank with offices in Boston, San Francisco and Los Angeles, provides premium strategic M&A advisory services to best-in-class software, Software-as-a-Service (SaaS), data & analytics, private equity, and venture capital firms spanning a range of high-growth vertical markets, including healthcare (HCIT); pharma (PharmaTech); government (GovTech); education (EdTech); architecture, engineering and construction (AECO); financial technology (FinTech); energy & power (EnergyTech); and supply chain, among others. Aeris leverages extensive technology domain expertise and an unparalleled commitment to delivering superior M&A outcomes on every transaction. The firm’s senior leadership team has successfully completed more than $40 billion of M&A advisory assignments to date. For more information, please visit: www.aerispartners.com.
Aeris Partners LLC is a registered broker-dealer and member of FINRA and SIPC.
