AppDirect acquires PartnerStack in sixth deal in 12 months

AppDirect has acquired Toronto-based PartnerStack, a partner relationship management platform with 138,000+ B2B partners and roughly 50% market share in the PRM category. This is AppDirect's sixth acquisition in 12 months, following deals for Tackle.io, vCom Solutions, and DNE Resources. AppDirect ($438M raised, $1.5B valuation, nearing $1B gross ARR) is building an 'Everything Store' for B2B technology distribution by combining marketplace commerce, hyperscaler integrations, advisor networks, and now partner management under one platform. The move is driven by structural shifts in enterprise software buying, with Gartner projecting 80% of B2B buyers will use marketplaces by 2026. Key risks include integrating six acquisitions in 12 months without losing operational focus.