đŸȘ Niche Convenient Store Software to a $4.5B Heavyweight

Story of PDI Technologies

April 05, 2025

PE Playbook: C-Store Software

State of Play

Last week, Bloomberg reported that Insight Partners is exploring a $4.5B+ sale of PDI Technologies, a company most consumers have never heard of—but nearly every convenience store depends on.

PDI Technologies has been one of those rare “gifts to private equity”—a niche carve-out that evolved into a category-defining platform. Over the last decade, five PE firms have taken a turn on the cap table, helping transform PDI from a back-office c-store ERP system into a full-stack software and IT services company.

What started as a specialized ERP solution has grown into a multi-product, multi-national juggernaut touching every part of the value chain—from suppliers and logistics providers to retailers and consumer brands.

Let’s break down how it happened.

How PDI Makes Money

PDI’s product suite covers the entire c-store value chain, spanning ERP/back-office solutions, fuel logistics, retail POS, loyalty marketing, mobile payments, and managed services. It makes money across several revenue streams, including SaaS subscriptions, hardware sales, transaction fees, managed IT contracts, and data monetization.

Product Line

Function

Revenue Model

Primary Customers

ERP (Enterprise Resource Planning)

Fuel inventory, compliance, accounting

SaaS + services

C-store chains, fuel wholesalers

POS Software & Hardware

Checkout systems, foodservice, mobile payments

License, transaction fees, hardware sales

C-stores, food-forward retailers (e.g. Wawa)

Loyalty & Offers Software

Digital rewards, CPG promos, redemptions

Subscriptions, CPG data monetization

C-stores, CPG brands (e.g. PepsiCo)

Payments & Mobile Commerce

Wallets, receipts, fleet card acceptance

Per-transaction fees, app hosting

C-stores, truck stops

Logistics Optimization

Dispatch, routing, tank telemetry, planning

SaaS

Fuel distributors, delivery operators

Cybersecurity & Managed IT

Endpoint protection, monitoring, PCI compliance

Monthly managed services contracts

C-stores, quick service restaurant (“QSR”) chains

Retail Data & Analytics

SKU-level POS data, campaign dashboards

Subscription + data licensing

CPG manufacturers targeting c-store channels

In short: PDI sells software, services, and data—while capturing both sides of the transaction (retailers and suppliers).

Investment Thesis

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