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).