Riverside Partners has acquired Calero Software, a developer of expense management software, from Clearlake Capital, which formed Calero in 2013. Financial terms for the deal were not disclosed.
Calero, headquartered in Rochester, New York, develops technology designed to help businesses reduce costs associated with mobile device use. This includes reordering devices and recycling old ones; managing data usage; and reducing down time. Known for its VeraSMart and Pinnancle brands, Calero targets the business services, healthcare, education and energy sectors, as well as government agencies. Previous customers include the U.S. Navy and Moneygram International Inc. (Nasdaq: MGI).
"Riverside Partners' deep software, telecom and technology experience make the firm an ideal choice to help our organization continue its growth trajectory," says Calero CEO Chris Jurasek. Harris Williams & Co.. and SunTrust Humphrey advised Calero.
Riverside Partners is a Boston-based private equity firm founded in 1989. The middle-market PE firm is currently investing out of its fifth fund, focusing primarily on the healthcare and technology sectors. Riverside Partners backs companies with revenues between $20 million and $200 million. Earlier in 2017, the PE firm purchased Medical Reimbursement of America.
Headquartered in Santa Monica, California, Clearlake is a PE firm with more than $4 billion in assets under management. The firm was founded in 2006 and targets the industrials and energy, communications, software, consumer and technology-enabled services sectors.