TAMPA, Fla. and BOSTON, Feb. 23, 2011 /PRNewswire/ -- Riverside Partners, a Boston-based private equity firm, is pleased to announce that it has completed an investment in Pilgrim Software, Inc. ("Pilgrim"), a leading provider of enterprise software focused on compliance, quality, and risk management. Pilgrim's software helps companies in regulated industries - particularly within the life sciences and healthcare industries - manage an increasingly complex regulatory and compliance environment. Riverside's investment was completed in partnership with the Pilgrim management team and founders of the business.
Headquartered in Tampa, Florida, Pilgrim Software has provided compliance and risk management software to companies in highly regulated industries for nearly twenty years. Pilgrim offers a fully integrated suite of enterprise software to hundreds of blue-chip customers in the life science, food and beverage, and manufacturing industries. Pilgrim boasts industry-leading customer satisfaction and retention rates and has received numerous awards for its offering, including Frost & Sullivan's Enterprise Compliance & Quality Mgmt Company of the Year for three years in a row. The Company offers its customers both a perpetual license and a subscription-based (hosted) model.
"Pilgrim was looking for an investment partner with a demonstrated track record of helping founder-owned companies grow. We felt that Riverside Partners' focus on both technology and healthcare end-markets, their operating expertise, and their entrepreneurial culture made them the best choice for our business," said Ami Utji, President, CEO, and Co-Founder of Pilgrim.
"Pilgrim has built a software platform that helps customers improve overall governance, compliance, and quality; increase productivity; lower costs; and reduce risk. Pilgrim's products suite is particularly relevant in this era of increased scrutiny by the FDA and other regulatory bodies," said Philip Borden, a General Partner at Riverside Partners. "Pilgrim Software removes the need for paper-intensive compliance and quality processes, and enables companies to streamline their operations. Pilgrim addresses a critical need in today's highly regulated environment and we look forward to partnering with the Company to help it continue on its strong growth trajectory."
About Pilgrim Software
Pilgrim Software, Inc. is a world-leading provider of enterprise risk, compliance and quality management solutions for global organizations. Through its integrated platform, Pilgrim helps organizations manage industry and regulatory compliance, address potential risks, reduce manufacturing costs and improve customer satisfaction. Pilgrim has been named North American Enterprise Compliance & Quality Management Company of the Year - Best Practices by Frost & Sullivan, and winner of its 2010 North American Best-In-Class Customer Value Enhancement Award in the Enterprise Risk, Compliance and Quality Management Market for the Life Sciences Industry. For more information, visit Pilgrim Software's website at www.pilgrimsoftware.com.
Founded in 1989, Riverside Partners is a middle market private equity firm currently investing Riverside Partners Fund IV, 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. The partners at Riverside Partners have managed more than $500 million in investments in over 50 companies. The firm is currently focused on companies with revenues between $20 and $200 million and with $5-$25 million of EBITDA. For more information, please visit http://www.riversidepartners.com.
SOURCE Riverside Partners