Vista Equity Partners has acquired Navex Global from the Riverside Co.

Navex, headquartered in Lake Oswego, Oregon, provides governance, risk and compliance software to more than 8,000 clients. The company provides case management, policy management online training, awareness programs and third-party risk management. Terms of the deal were not disclosed.

Riverside, headquartered in New York and Cleveland, started building Navex in 2010 when it acquired ELT, an online training provider. The private equity firm added Global Compliance Services, EthicsPoint and Policy Technologies to the group, eventually forming Navex. The firm has a history of investing in training programs, and recently added the education of LeaseHawk to portfolio company Grace Hill. 

Vista Equity, a San Francisco-based private equity firm, has more than $14 billion in capital commitments. In September, the firm agreed to buy business software developer Tibco Software Inc. Earlier in September, the firm sold its stake in software group MicroEdge LLC to Blackbaud (Nasdaq: BLKB). 

Deloitte, Deutsche Bank, Jones Day and Piper Jaffray advised Riverside on the deal.

Private equity firms have demonstrated increased interest in make software investments as the model has shifted towards software-enabled services. For more, see Plugging into Software

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