ROCHESTER, N.Y. & SANTA MONICA, Calif.--(BUSINESS WIRE)--Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”) announced today that Calero Software, LLC (“Calero” or the “Company”), a leading provider of Communications Lifecycle Management (CLM) solutions, has been acquired by Riverside Partners (“Riverside”). Financial terms were not disclosed.
Since Clearlake’s formation of the Company in 2013, Calero has cultivated a reputation as the industry’s leading provider of software solutions to large, blue-chip enterprises for managing spend on critical IT, telecom, and mobile assets. Under Clearlake’s ownership, Calero rapidly executed on an investment thesis to drive consolidation in the CLM market and establish the Company as a leading expense management software platform. Clearlake partnered with Executive Chairman Kevin A. Wood and CEO Chris Jurasek to implement Clearlake O.P.S.® (Operations, People, Strategy) framework, resulting in significant improvement in operational execution by establishing a culture of innovation, process and cost discipline. These O.P.S.® initiatives included recruiting several new senior leaders into the R&D, Operations, and Sales organizations and aggressively investing in sales and marketing resources that helped Calero achieve industry-leading operational performance and significant bookings growth.
“We are pleased to have sponsored Calero in partnership with the talented management team and employees to transform the business and establish the Company as a leading player in the attractive and high-growth CLM segment. We worked closely with Kevin, Chris, and the team to implement best practices in key functional areas and heavily invested in product and in sales and marketing,” said Behdad Eghbali, Managing Partner and Co-Founder, Clearlake. “Calero grew substantially and has continued to deliver for its customers, partners, and shareholders. We are humbled to have contributed to the Company’s success, and look forward to seeing continued success and growth under Riverside’s ownership,” added Prashant Mehrotra, a Partner at Clearlake.
“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. “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,” added Chris Jurasek, CEO. “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.”
Harris Williams and SunTrust Robinson Humphrey advised Calero in the sale to Riverside Partners.
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 more than 40 countries worldwide, including Fortune 2000 corporations, universities and government agencies. Learn more at www.calero.com or follow us on Twitter @CaleroSoftware.
ABOUT CLEARLAKE CAPITAL GROUP, L.P.
Clearlake Capital Group, L.P. is a leading private investment firm founded in 2006. With a sector-focused approach, the firm seeks to partner with world-class management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.® The firm’s core target sectors are software and technology-enabled services; industrials and energy; and consumer. Clearlake currently has over $3.5 billion of assets under management and its senior investment principals have led or co-led over 90 investments. More information is available at www.clearlake.com.
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.