Deal fuels continued growth through geographic and practice expansion and spinoff of internally incubated enterprise software company
NEW YORK & SAN FRANCISCO–(BUSINESS WIRE)–Keystone, a global technology and advisory firm specializing in economics, strategy, and complex digital ecosystems, today announced a strategic investment with Audax Private Equity (“Audax”), a leading alternative investment manager and capital partner to middle market companies. The Audax investment recognizes Keystone’s consistent growth and the opportunity to guide companies and governments as they navigate the large global technology and science-driven ecosystems through major technological evolution. The transaction also spins off the company’s Deep Enterprise™ AI platform — a scientific prediction and decision engine for manufacturers with complex global supply chains — into a newly formed, independent enterprise software company called Keystone AI.
Keystone was founded in 2003 on the belief that the world needed a technology-native advisory firm to protect and create value around “transformative innovations” — technical, economic, and business model breakthroughs, from early machine-learning techniques to today’s advanced AI systems, reshaping markets and creating trillion-dollar science-driven firms with enormous ecosystems. Today, Keystone is recognized as a premier innovator in the field — working with global brands and blue-chip clients like Microsoft, Meta, Amazon, TikTok, Goldman Sachs, Amgen, and Oracle, as well as government agencies, as they navigate high-stakes inflection points across AI, digital platforms, and data-driven markets.
Keystone’s “Triad of Skills”— which evenly balances technologists, economists, and management scientists — has made the firm a highly-trusted partner in helping enterprises navigate high-stakes litigation, regulatory complexity, and platform risk. Likewise, the company’s state-of-the-art partnership with world renowned experts — from distinguished economists and leading technology researchers to former senior government regulators — brings together an interdisciplinary group of academics, technologists, and policy experts to solve the most complex questions facing technology-driven markets today.
The Audax investment comes on the heels of a period of rapid growth in Keystone’s core offerings and the introduction of significant practices providing AI strategic advisory and Global Technical Investigation services. During this time, Keystone also expanded its geographic footprint, adding operations in Washington D.C., the United Kingdom, and the Middle East. As part of the transaction, Jeff Marowits, Keystone’s President, becomes CEO. He continues to work closely with Keystone’s exceptional and growing senior leadership team, including:
- Dr. Susan Athey, Chief Scientific Advisor; Athey is currently Professor of economics of technology at Stanford Graduate School of Business and a John Bates Clark Medal award-winner; she formerly acted as Chief Economist, U.S. DOJ Antitrust Division
- Marco Iansiti, Co-founder, Board Chairman, and Chair of Global Strategic Advisory practice; Iansiti is also currently a Professor of business administration at Harvard Business School and author of canonical books “The Keystone Advantage” (2004) and “Competing in the Age of AI” (2020)
- Andrea Coscelli, Senior Partner and Head of Keystone Europe; Coscelli is formerly the CEO of Competition Markets Authority
- Mike Cragg, Senior Partner and the Founder and Global Chair of the Keystone Way, the firm’s Operating Platform; Cragg is formerly the Chairman of Brattle Group
- Rohit Chatterjee, Senior Partner and Head of Keystone Advanced Technology Solutions; Chatterjee formerly worked with McKinsey & Company
- Jen Redmond, Senior Partner and Head of Antitrust Competition practice; Redmond formerly worked with Goldman Sachs
- Andy Gandhi, Senior Partner, Head of Keystone’s Global Technical Investigations practice, Head of Keystone Middle East; previously, Gandhi served as Global Leader of Kroll’s Data Insights and Forensics practice and as Managing Director at Alvarez & Marsal
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Gabrielle Toledano, COO; Toledano previously worked as Executive in Residence and Operating Partner at Comcast Ventures, Chief People Officer at Tesla, EVP and Chief Talent Officer at Electronic Arts.
“Keystone was made for this moment,” said Marowits. “From Web 1.0 to mobile and social, and cloud to machine learning, Keystone has been ground zero for every technology shift. We have been preparing for the AI moment from the start. Our partnership with Audax allows us to continue to grow our team and processes to meet the outsized demand for our work and expert field.”
The transaction also enables Keystone to spin off the company’s Deep Enterprise™ AI platform into a stand-alone software company dedicated to building foundation models for manufacturing supply chains and enterprise operations, Keystone AI. Greg Richards, current CEO of Keystone, becomes CEO of Keystone AI, and will remain a Senior Strategic Advisor to Keystone. Richards and Iansiti will also continue to serve as members of Keystone’s Board of Directors.
“Keystone has built a platform grounded in deep technical and advisory expertise, one that we think sets it apart from traditional consulting and technology firms,” said Bill Allen, a Senior Managing Director at Audax Private Equity. “We are excited to partner closely with Keystone to support strong governance and disciplined growth, and believe our strategic resources and the execution of the Audax Value Agenda™ will complement Jeff and the leadership team’s efforts to create, enable, and protect value as Keystone pursues its strategic priorities.”
In the transaction, the terms of which are not disclosed, RLH Equity Partners, an investor in Keystone since 2021, is selling its stake in Keystone and retaining its stake in the newly formed Keystone AI.
Additionally, as a part of the transaction, Keystone completed a formal separation of its software business, with each organization (Keystone, and now the newly formed Keystone AI) assuming responsibility for its respective operations. The deal comes at a pivotal moment for global technology ecosystems, as rapid changes across AI and regulation drive continued demand for trusted expertise. Keystone plans to continue to grow its core offerings, expand geographically, and build complementary practices to support clients navigating these increasingly complex environments.
Guggenheim Securities, LLC served as lead financial advisor, alongside Goldman Sachs & Co. LLC, to Keystone and RLH Equity Partners on the transaction. Kirkland & Ellis LLP served as legal advisor to Audax on the transaction.
The Audax investment was completed on January 2, 2026. The spinoff transaction is expected to close in the first quarter of 2026, subject to customary closing conditions and regulatory approvals. Keystone and Keystone AI will work closely during a transition period to ensure continuity for clients, partners, and employees.
About Keystone
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, D.C. For more information, visit keystone.com.
About Keystone AI
Keystone AI is an enterprise software company that delivers AI-driven event prediction, forecasting, and automated decision optimization for large, discrete manufacturers with complex, multi-echelon supply chains. The company’s Deep Enterprise™ AI Platform acts as a scientific decision engine that augments existing enterprise systems, enabling faster, economically grounded decisions across planning and operations. Incubated within Keystone and now operating independently, the company helps customers reduce working capital, cut supply chain waste, improve service performance, accelerate planning cycles, and move beyond static heuristics to AI-driven execution at scale. For more information, visit Keystone.ai.
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.
Contacts
Media:
Thomas Rozycki, Jr.
Prosek Partners for Keystone
[email protected]
