New merger & acquisition amongst telecom expense management companies:
Riverside Partners, a Boston-based private equity firm, announced that its portfolio company, Calero Software, LLC has acquired Veropath Ltd. Headquartered in Edinburgh, Scotland.
Veropath is a leading provider of TEM solutions throughout the U.K. and Europe.
Financial terms were not disclosed. Veropath is Calero’s third add-on acquisition since being acquired by Riverside Partners nine months ago.
The United Kingdom is the second largest TEM market globally.
“Veropath represents continued investment by Riverside Partners and Calero into strategic geographies for CLM. Our commitment to Calero as a leading CLM platform extends to supporting clients with industry leading localized knowledge, sales and support resources. Veropath delivers in all three areas,” stated Michelle Noon, General Partner at Riverside Partners. “Furthermore, Calero’s clients will benefit from leading edge technology and resources available to address global security and privacy concerns including the recently implemented GDPR requirements.”
“This transaction is one of a few carefully chosen strategic acquisitions designed to add scale, enhance client service and broaden Calero’s technology and service offerings while carefully maintaining a one-company global approach,” said Steven F. Kaplan, Chairman of Calero and General Partner at Riverside Partners. “It is further proof that Calero is quickly delivering on its goal to be the CLM provider of choice for domestic and multi-national corporations worldwide.”
“The addition of Veropath more than doubles Calero’s European team, further strengthening our market position within the EMEA region,” stated Chris Jurasek, President and CEO of Calero. “With Veropath and our acquisition of A&B Groep earlier this year, Calero offers the most robust European in-market expertise, an unparalleled understanding of the nuances associated with doing business in EMEA, and one of the industry’s most comprehensive global solutions and services portfolios.”
David Booker, CEO of Veropath and now Managing Director for Calero, added, “I’m thrilled to partner with Riverside Partners and to join the Calero team.
As the Veropath solution becomes part of the broader Calero offering, Veropath clients will benefit greatly from Calero’s market-leading position, a shared view on delivering excellent customer value, its commitment to innovation, and a complementary set of solutions designed to help enterprises manage cloud expenses, mobile services and usage optimization. At the same time, our clients can expect no change to their existing solutions or the high levels of service they experience from Veropath.”
Calero’s software and managed service solutions deliver sustainable value within large enterprises, universities and government agencies by enabling clients to more efficiently and more effectively manage the myriad of cloud and communications services, devices, contracts, invoices and spending across their operations.
Today, Calero manages more than $7 billion of annual telecom, mobility and cloud spend for over 3,000 customers operating in more than 50 countries globally. Calero also provides managed mobility services for more than 500,000 mobile devices.