• Keystone is a global technology, economic, and strategic advisory firm serving companies and governments navigating ecosystems undergoing rapid technological change.
• Audax’ thesis is to invest in Keystone’s team and technology to build on the firm’s momentum and growth across its core offerings and geographic footprint.

Audax Private Equity (“Audax”), a capital partner to middle- and lower-middle market companies, announced today it has acquired a majority stake in Keystone, a global technology and advisory firm specializing in economics, strategy, and complex digital ecosystems.

Founded in 2003, Keystone advises organizations on the strategic, regulatory, and competitive implications of transformative technologies, including AI and digital platforms. Keystone is distinguished for its multidisciplinary expertise – across technology, economics, and strategy – that together create a differentiated combination of experience and capabilities for enterprises navigating high-stakes litigation, regulatory complexity, and platform risk.

“We’re incredibly excited to support the mission of Keystone,” noted Bill Allen, a Senior Managing Director, who leads Audax Private Equity’s Financial Services specialization. “We believe the firm is distinguished by its people, cutting-edge capabilities, and its uncommon ability to marry advanced technology, strategic consulting, and applied econometrics into an integrated, state-of-the-art set of practices to guide clients as they navigate high-stakes inflection points across AI, digital platforms, and data-driven markets.”

“Keystone’s reputation has been built by the high quality service and outcomes the firm delivers for its clients,” added Jay Petricone, a Managing Director at Audax. “These outcomes have been powered by a truly incredible team of economists, technologists, regulatory experts, and innovators in their respective fields. We are thrilled to be partnering with Jeff and the Keystone team in the next chapter of their growth journey.”

Jeff Marowits, formerly the President of Keystone, was named CEO following Audax’ investment. He is succeeding Keystone Co-Founder Greg Richards, who will remain a Senior Strategic Advisor to Keystone and continue to serve on the company’s board of directors alongside Marco Iansiti, Keystone’s other Co-Founder, who serves as Chair of the Global Strategy practice. Parallel to the Audax investment, Keystone initiated a formal separation of its software business and will look to complete a spinout of its Deep Enterprise™ AI platform into a stand-alone software company, Keystone AI. The spinout transaction is expected to be completed by the end of the first quarter and is subject to customary closing conditions and regulatory approvals.

“This is an incredibly exciting time at Keystone, and against a backdrop of rapid technological change, we believe Keystone was made for this moment,” noted Keystone Chief Executive Officer Jeff Marowits. “Based on the Audax team’s track record of investing within their own organization, it’s clear the firm has a deep appreciation of what’s required to grow ‘people’ businesses, and understands the potential of technology as an enabler and accelerant of sustainable growth and operational excellence. We think their depth of resources and experience will be invaluable as we look to capitalize on the opportunity set in front of us.”

Audax invested in Keystone through its Flagship private equity strategy and the investment was completed through the firm’s Financial Services specialization. Current holdings through the firm’s Financial Services vertical include investments in accounting firm Doeren Mayhew, insurance brokerage Oakbridge Insurance, and Canadian wealth manager Harbourfront Wealth Management. Last year, Audax’ Financial Services specialization also realized investments in registered investment advisor CW Advisors and Stout, a leading global advisory firm.

Guggenheim Securities, LLC served as lead financial advisor to the sellers and Goldman Sachs & Co. LLC served as co-advisor. William Blair and Baird served as financial advisors to Audax, while Kirkland & Ellis LLP provided legal counsel. The transaction closed on January 2, 2026.

ABOUT KEYSTONE STRATEGY:

Keystone is a global technology and advisory firm specializing in economics, technology, strategy, and complex digital ecosystems. The firm advises organizations on the strategic, regulatory, and competitive implications of transformative technologies, including AI and digital platforms. By combining advanced technology, strategic consulting, and applied econometrics, Keystone delivers innovative solutions to organizations across the technology, business, legal, and government sectors. Founded in 2003, Keystone operates globally with offices in New York, San Francisco, Boston, Seattle, London, Dubai, and Washington, DC. For more information, visit keystone.com.

ABOUT AUDAX PRIVATE EQUITY

Headquartered in Boston, with offices in San Francisco, New York, London and Hong Kong, Audax Private Equity is a leading private equity platform focused on investing across the North American middle market. Our objective is to accelerate value creation through our Buy & Build strategy and the Audax Value Agenda™, a holistic framework that seeks to create, enable, and protect value across every stage of the investment lifecycle. As of March 2025, Audax Private Equity had $19 billion of assets under management and, since inception in 1999, has invested in more than 175 platforms and more than 1,400 add-on acquisitions. For more information visit www.audaxprivateequity.com or follow us on LinkedIn.

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Keystone is distinguished by its people, cutting-edge capabilities, and its uncommon ability to marry advanced technology, strategic consulting, and applied econometrics into an integrated, state-of-the-art set of practices.