Blackstone- and H&F-backed Ode with Anthropic adds to Claude services with Casper buy; PSG, Thoma Bravo, Nexa Equity make deals in construction software

Good morning, PE Hubsters! Rafael Canton filling in for MK Flynn for the US edition of the Wire from the New York newsroom.

We’ll begin the Wire with an update on how PE firms are deploying artificial intelligence across their portfolios. Recently, Ode with Anthropic acquired AI services firm Casper Studios. Ode with Anthropic is backed by Blackstone, Hellman & Friedman and Anthropic. We’ll look at the formation of the business and how it will work with businesses to add AI capabilities.

Then we’ll dive into construction software. Earlier in August, PSG made a growth investment in XBE. We’ll also look at recent deals in the sector from PE firms like Thoma Bravo and Nexa Equity.

AI embedding

Let’s begin with a deal that caught my eye from late last week. Ode with Anthropic, which is backed by Blackstone, Hellman & Friedman and Anthropic, acquired Casper Studios. Based in San Francisco, Casper is an AI services firm that helps businesses embed Anthropic’s AI model Claude into their systems.

“We’ve watched these two teams work together in action, embedding AI across the full arc of an enterprise, at the agent level, the product level and well beyond,” Rodney Zemmel, an Ode board member and global head of the Blackstone operating team, said in a statement.

Ode with Anthropic launched its brand and name in July. Ode works with companies to bring Claude into their core business operations. It is a standalone entity with Anthropic engineering and partnership resources embedded directly within its team.

Zemmel told me at the launch of Ode that Blackstone had seen some boutiques that it was interested in partnering with, but none of them scaled. It led to the firm creating a scaled boutique that it could invest in and grow. Eventually, it settled on creating a standalone company in partnership with Anthropic.

“At the time, we felt Anthropic was very enterprise-focused,” Zemmel told me. “We felt they understood companies, and everything they were doing around AI safety and responsibility resonated well with our CEOs.”

Ode is working with its investors’ portfolio companies. Six of Blackstone’s portfolio companies are working with Ode, including Chamberlain, a manufacturer of garage door and gate openers; and Citrin Cooperman, a tax, advisory and accounting services provider.

Previously, Ode with Anthropic bought Fractional AI. Fractional AI’s co-founder Chris Taylor serves as CEO of Ode with Anthropic. Fractional co-founder Eddie Siegel is CTO of the new company.

Several PE firms such as TPG and EQT have looked at investing in and partnering with AI businesses. Read more of the story here.

Long-term construction

Interest in vertical SaaS businesses and AI growth opportunities are some of the recent factors leading private equity firms to invest in construction software.

Earlier in August, PSG made a growth investment in XBE. Based in Kansas City, Missouri, XBE is a business operations software provider for heavy materials, logistics and construction, for undisclosed terms.

XBE founder and CEO Sean Devine and Banneker Partners will each retain significant ownership positions. Devine will continue to lead the company.

PE Hub has seen several deals in the construction software sector.

Earlier in August, Nexa Equity-backed Facility Grid announced the acquisition of PingCx, an autonomous commissioning platform for building automation systems. Formed in 2024, PingCx connects directly to building automation systems, automating performance testing and validating building operation against design intent.

Facility Grid is introducing a new product strategy centered on three integrated offerings – FG Construct, Validate, and Sustain – providing owners, contractors, commissioners, engineers, and automation providers with a single platform that incorporates AI to manage building performance from construction to long-term operations, according to the company.

Facility Grid is a provider of cloud-based software for the construction industry.

In July, MidEuropa agreed to acquire a construction software and data platform in the Czech Republic from DEK Group. The deal is expected to close in the second half of 2026. The platform brings together ÚRS, First Information Systems and Callida, and its software and proprietary construction data are used daily by contractors, developers, cost estimators and public authorities across Czech Republic and Slovakia.

Thoma Bravo agreed to combine portfolio company HCSS with Nemetschek’s build and construct segment in April. The deal closed in July. Based in Sugar Land, Texas, HCSS is a civil construction software company.

AJ Rohde, senior partner at Thoma Bravo, said in June that the Miami-based firm grew HCSS by investing to expand the platform, strengthening leadership and accelerating innovation, while being deliberate about protecting the customer-first culture.

“That meant significant investment in the flagship products, which are mission-critical for how contractors estimate and manage projects,” he added. “We also pushed HCSS into adjacent markets, including utilities, which expanded the total addressable opportunity meaningfully.”

That’s it for me. If you have any questions, thoughts, or want to chat about deals in the tech, consumer or sports sectors, please email me at rafael.c@pei.group.

Tomorrow, Craig McGlashan will write the Europe edition of the Wire, while Obey Martin Manayiti will be with you for the US edition.

Cheers,
Rafael