Capture One is reportedly up for sale

Capture One is reportedly up for sale. The company behind the photo editing software is currently owned by a private equity firm called Axcel.

What is Capture One?

Capture One was originally developed by camera maker Phase One. It’s a software suite for photographers built around a powerful raw image converter with true-to-life color processing. The software supports raw files from over 650 cameras and tethering for more than 200. Beyond Mac and Windows, you can also run versions on iPhone and iPad. Some come with one-time perpetual licenses, while others are subscription only.

Who is Axcel?

Axcel is a private equity firm founded in the Nordics. It now operates across Northern Europe. In 2019, Axcel bought Phase One and spun out Capture One to run as a stand-alone company.

What has been reported?

Back in May 2025, investor news site M&A Insights reported that Axcel was “moving forward with plans to sell Phase One.” The site also claimed Axcel’s strategy was to sell Phase One and Capture One separately, with the initial focus on Phase One. That sale hasn’t been publicly announced. Even so, reports now say Axcel plans to sell Capture One by auction. A global wealth management and investment banking company called Stifel is managing the process.

Why is Axcel selling Capture One?

As far back as January 2024, Capture One was facing financial challenges. We reported at the time that the company was going to lay off a number of its staff as part of a restructure. That move came alongside what Capture One called “significant changes” to its team. Phase One has reported revenue drops over the past couple of years too. Axcel may want to sell both businesses before they lose too much value. Capture One has also announced an imminent 6% price rise across all of its products.

What we think

Private equity firms make their money by buying and selling companies. They tend toward medium- to longer-term investments, which can mean holding a company for 10 or 12 years. The end goal, though, is always to sell at a profit. That focus means these firms keep one eye on the eventual exit and how to maximize the return. Axcel has owned Phase One and Capture One for seven years now, so a sale is a natural next step. For Capture One users, here’s hoping the software carries on after the sale without too many changes.