Harris Williams & Co. Advises Calero Software, LLC on its Sale to Riverside Partners, LLC

September 13, 2017

Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide for more than 25 years, announces the sale of Calero Software, LLC (Calero), a portfolio company of Clearlake Capital Group, L.P. (Clearlake), to Riverside Partners, LLC (Riverside). Harris Williams & Co. served as the exclusive advisor to Calero, a leading provider of communications lifecycle management software and solutions. The transaction was led by Jeff Bistrong, Tyler Dewing, Dan Linsalata and Ryan Costa of Harris Williams & Co.’s Technology, Media & Telecom (TMT) Group.

“Clearlake and the founding management team of Calero had a clear vision for the potential of the communications lifecycle management sector and successfully executed on a roll-up and integration strategy to create a leading platform of scale,” said Tyler Dewing, a director in Harris Williams & Co.’s TMT Group.  “With the support of Riverside, the company is well-positioned to execute on numerous compelling organic growth initiatives and accelerate its inorganic growth strategy.”

Jeff Bistrong, a managing director in Harris Williams & Co.’s TMT Group added, “As the telecom and data solutions utilized by large, geographically distributed enterprises increase in complexity, scope and cost, companies demand solutions that enable them to manage their assets, usage and spend from a single source of truth. We are proud to have partnered with CEO Chris Jurasek and the Clearlake team to deliver a successful outcome.”

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.

Clearlake 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.

Founded in 1989, Riverside is a middle market private equity firm currently investing Riverside Fund V, L.P. The fund focuses on growth-oriented companies in the technology and healthcare sectors. Riverside is particularly experienced at partnering with founders, owners and management teams and it brings substantial domain expertise and operating experience to its portfolio companies.

Harris Williams & Co. (www.harriswilliams.com), a subsidiary of the PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.

Harris Williams & Co.’s TMT Group advises leading private and public companies, entrepreneurs, private equity firms and venture capital firms on mergers and acquisitions and capital-raising transactions worldwide. The TMT Group has deep domain expertise in the Software/SaaS and Internet & Digital Media segments, with particular emphasis on specific verticals including education, energy technology, fintech, public sector and supply chain/logistics and has a dedicated healthcare technology (HCIT) practice. Across verticals it also advises technology services and networking solutions businesses. For more information on the TMT Group and its recent transactions, visit the TMT Group’s section of the Harris Williams & Co. website.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 7078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.