Hungry Riverside Co. is eyeing software firms in state
Joe Manning
The Riverside Co. is hungry for software companies, and it has its eyes on potential targets in its Buckeye State backyard.
The software industry is not new territory for the global private equity firm, which is co-headquartered in Cleveland.
It s one of the more active of the company s seven industry specializations, said senior Riverside partner and native Clevelander Joe Manning. The firm has been buying software and IT companies for at least 15 years, completing more than 180 deals in the space. Manning works in the firm s $1.2 billion micro-cap fund out of which these investments are being made today.
May 12, 2021
Massive Upgrade Cycle
Digital transformation and mass migration to the cloud are the two dominant IT sector themes that took hold across the business world in 2020, and these themes are expected to continue to play out in the slow return to normalcy in 2021. Many economically ravaged sectors, such as hospitality, are fighting for survival, and scrambling to make up lost ground. To adapt in a post-Covid world, they’ll need to run more efficiently while adapting to new consumer habits and expectations, as well as supply-chain reconfigurations. Heady stuff for industries accustomed to a pre-Covid playbook.
Regardless of whether a particular sector or company is teetering because of pandemic shutdowns, or rocketing upward, or reversing course with the reopening, there is “a massive upgrade cycle, with a ton of cash going to enterprise IT,” said