Audax has made an investment in Keystone, a global technology and ecosystem advisory platform. The transaction includes the planned spinoff of Keystone AI, an enterprise software business incubated within Keystone, and closed on January 2, 2026.
Keystone advises corporations and governments on economics, technology, and complex digital ecosystems, providing expert analysis across litigation, regulation, and technology-driven markets. Founded in 2003 by Mike Cragg, the firm is led by Jeff Marowits and is headquartered in New York.
At Audax, Bill Allen was involved in the transaction. Audax is headquartered in Boston.
Guggenheim Securities and Goldman Sachs served as financial advisors, and Kirkland & Ellis acted as legal advisor to Audax.
