Santa Monica, Calif.-based global private equity firm Clearlake Capital Group, L.P. has sold its portfolio company Calero Software, a Rochester, N.Y.-based communications lifecycle management (CLM) software provider, to Riverside Partners.
Calero is the result of a merger of three separate companies by Clearlake in 2013, when the firm rolled up Veramark Technologies, PINNACLE and Movero into a single entity. Clearlake, which focuses on deals in the software and technology-enabled services industries, manages over $3.5 billion in assets.
Calero’s solutions are designed to turn communication data into actionable insight by simplifying the management of voice, mobile and other unified communications services and assets. The firm currently lists thousands of customers across over 40 countries, including Fortune 2000 corporations, universities and government agencies, which use its solutions to manage spend on critical IT, telecom and mobile assets.
The software provider was reportedly advised by Harris Williams and SunTrust Robinson Humphrey. Financial terms of the sale were not disclosed.
With the support of Riverside, a growth-oriented, middle market private equity firm focused on technology and healthcare deals, Calero will focus on executing organic growth initiatives as well as accelerate its inorganic growth strategy.
“We are proud of our successful partnership with Clearlake, and grateful for the resources and industry insights the Clearlake team brought to our business,” said Kevin Wood, Executive Chairman at Calero. “Clearlake’s operational and financial expertise were invaluable throughout the integration of our acquisitions of Veramark, Pinnacle, and Movero and positioned Calero, our employees, and our customers for unparalleled success,” said Chris Jurasek, CEO of Calero. “We look forward to maintaining our leadership position as the vendor of choice for addressing the industry’s most complex enterprise communications lifecycle needs as we partner with Riverside for our next chapter.”