Riverside Partners, LLC, a Boston-based private equity firm, announced today that it has acquired Calero Software LLC in partnership with members of management. Calero is a leading provider of Communications Lifecycle Management (CLM) software and managed services including Telecom Expense Management (TEM), Managed Mobility Services (MMS) and Usage Management. Calero manages more than $6 billion of annual telecom, mobility and cloud spend for over 3,000 customers operating in more than 40 countries globally. Calero also provides managed mobility services for more than 400,000 mobile devices. Financial terms of the transaction were not disclosed.
Calero's proprietary technology automates the management of voice, mobile, data and unified communications devices for Fortune 2000 companies. The Company's software and managed service solutions help large enterprises realize meaningful savings by managing the myriad of telecommunications devices, contracts, invoices and spending across their operations. Calero's solutions, sold under the Calero VeraSMART and Calero PINNACLE brand names, help customers reduce complexity and waste and increase efficiency. The Company's customers include leading financial and business service institutions, healthcare providers, higher education institutions, government agencies and energy firms.
"Our investment in Calero fits squarely in line with Riverside Partners' strategic goal of identifying growth companies that can benefit from our industry knowledge, operational expertise and liquidity to accelerate their growth objectives, both organically and through strategic acquisitions," commented Steven F. Kaplan, General Partner at Riverside Partners. "During the past three years, Calero has successfully executed a roll-up and integration strategy to create a leading platform of scale, and today the Company has a reputation for offering the most advanced technology in the industry based on its recently redesigned and intuitive user interface. The Company is also considered the highest quality managed service provider to large, blue-chip enterprises for managing spend on critical IT, telecom, and mobile assets."
"We are extremely excited about this next stage in Calero's evolution," said Chris Jurasek, CEO and President of Calero. "Riverside Partners' deep software, telecom and technology experience make the firm an ideal choice to help our organization continue its growth trajectory. With Riverside's financial backing, we will continue to deliver market leading solutions to our customers that help drive transparency and actionable insights across their complex communications environments."
Michelle Noon, General Partner at Riverside Partners, commented, "Calero's leadership team has built an impressive foundation of technology and services that is competitively differentiated in the market. We look forward to our partnership with Chris and his team and to continuing to bring innovative product and superior levels of customer service to the market."
About Riverside Partners
Founded in 1989, Riverside Partners is a middle market private equity firm currently investing Riverside Fund V, L.P. The fund focuses on growth-oriented companies primarily in the healthcare and technology industries. Riverside Partners is particularly experienced at partnering with founders, owners and management teams and it brings substantial domain expertise and operating experience to its portfolio companies. For more information, visit www.riversidepartners.com.
About Calero Software, LLC
Calero is a leading provider of Communications Lifecycle Management (CLM) solutions designed to turn communication data into actionable insight by simplifying the management of voice, mobile and other unified communications services and assets. With a deep commitment to innovation and customer service, Calero's CLM approach enables organizations to support the full communications lifecycle, from procurement to payment, including software and services that aid Telecom Expense Management (TEM), Managed Mobility Services (MMS) and Usage Management. Calero has thousands of customers in over 40 countries worldwide, including Fortune 2000 corporations, universities and government agencies. Learn more at www.calero.com.