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M&A Deal Summary

Riverside Partners Acquires Openforce

On June 10, 2015, private equity firm Riverside Partners acquired software company Openforce

Acquisition Highlights
  • This is Riverside Partners’ 5th transaction in the Software sector.
  • This is Riverside Partners’ 31st transaction in the United States.
  • This is Riverside Partners’ 1st transaction in Arizona.

M&A Deal Summary
Date 2015-06-10
Target Openforce
Sector Software
Buyer(s) Riverside Partners
Deal Type Buyout (LBO, MBO, MBI)

Target

Openforce

Scottsdale, Arizona, United States
Openforce is a provider of technology-driven services that reduce operating costs and mitigate compliance risk for companies using independent contractors. Openforce frees contracting companies from the burden of onboarding, contracting, and settlement processing while helping contractors build their business. Openforce’s cloud-based applications help businesses achieve more sustainable and profitable growth by removing financial, operational, and compliance barriers to getting business done. Openforce was founded in 2001 and is based in Scottsdale, Arizona.

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Buyer(S) 1

Buyer

Riverside Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1989
PE ASSETS 1.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Riverside Partners is a specialist private equity firm focused on investments in healthcare and technology companies located throughout North America. The Firm has a particular interest in companies that are founder or family owned. Target companies are generally profitable with $3 to $15 million of EBITDA. Specific areas of interest within healthcare include suppliers to biopharmaceutical and medical device companies, medical technology and equipment, medical instrumentation, dental products and services, diagnostics and disposables, and specialized healthcare services. Areas of interest within technology include, analytical instrumentation, semiconductor equipment, industrial communications, wireless components, homeland security, and power generation technology. Transaction situations include partial or complete buyouts, recapitalizations, growth equity, divestitures, take privates, and strategic add-ons. Riverside Partners was formed in 1989 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 31 of 42
Sector: Software M&A 5 of 8
Type: Buyout (LBO, MBO, MBI) M&A Deals 14 of 18
State: Arizona M&A 1 of 2
Country: United States M&A 31 of 42
Year: 2015 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-04 Welocalize

New York, New York, United States

Welocalize is a provider of globalization consulting, internationalization, localization and testing solutions, enabling clients to communicate on and off-line in more than 32 languages. Welocalize was founded in 1997 and is based in New York City.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-07 ITC Global

St. Petersburg, Florida, United States

ITC Global, Inc. is a provider of satellite communications to the energy, mining, and maritime markets. Companies in remote and harsh environments require communications with both global coverage and unwavering customer service. ITC Global enables improved real-time decision making and enhanced health, safety and environmental management through a unified communications solution, tailored to the requirements of each client.

Sell -
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