Private equity firm the Riverside Co. is investing in another e-learning business this time, buying public-safety group Lexipol.
Lexipol, headquartered in Aliso Viejo, California, provides policy content, training content and policy-management services for public-safety agencies through a software program. The company offers a library of policy content that is customized for each state and vertical with the goal of helping clients stay ahead of litigation trends.
New York and Cleveland-based Riverside plans to help the company develop content in new states, expand sales and marketing and offer additional risk-mitigation services to clients.
The firm recently invested in another e-learning company, Grace Hill Inc., which provides training tools for people who work in the apartment industry. Before that, Riverside sold learning group OnCourse Learning Co. to CIP Capital, in March.
Riverside's co-CEOs won Mergers & Acquisitions M&A Mid-Market Dealmakers of the Year award for 2013.
PNC Bank provided financing for the deal. Jones Day acted as Riverside's legal counsel. Deloitte, West Monroe Partners and B. Riley & Co. served as Lexipol's financial advisers.
Companies have been gravitating towards e-learning groups, evidenced by a spree of acquisitions. On Aug. 21, Skillsoft agreed to buy SumTotal, a human resources training program group. Before that, in July, Security Innovation picked up Safelight, which helps companies develop security education programs.
For more on e-learning, see "E-Learning Providers Eager to Expand."