Inverness Graham has sold Spirion, a provider of enterprise data management security software, to The Riverside Company. Inverness Graham acquired Identify Finder, LLC in December 2014 and renamed the company Spirion in July 2016.
Spirion’s services include discovering, classifying, monitoring, and protecting sensitive information. The company services are used by companies in the financial services, retail, healthcare, education, and public sectors to avoid costly data breaches by finding and protecting confidential data such as personal information, medical records, credit card accounts, and intellectual property stored across the enterprise, within e-mail, and in the cloud. Spirion is headquartered in St. Petersburg, FL (www.spirion.com).
“In partnership with Inverness Graham, we were able to diversify our customer base and broaden our market opportunity through investments in product functionality and our go-to-market strategy, ultimately leading to exceptional growth and a successful exit,” said Todd Feinman, CEO of Spirion.
Inverness Graham manages $500 million in capital and was formed by senior executives of the Graham Group, an industrial and investment concern with interests in plastics, packaging, recycling, building products and outsourced manufacturing. Inverness Graham is based near Philadelphia in Newtown Square, PA (www.invernessgraham.com).
“We are very pleased with the team’s accomplishments at Spirion during our three-year hold,” said Trey Sykes, Managing Principal of Inverness Graham. “The company was able to accelerate growth by both expanding their product capabilities and successfully penetrating strategically targeted, high-value vertical markets. Spirion is an incredible company with an exceptional product offering and management team and will be a great addition for Riverside.”
“IT security is an ever-growing concern for any company,” said Riverside Managing Partner Loren Schlachet. “A single event can cost untold millions and permanently damage a company’s reputation, so an outstanding product like Spirion’s is compelling. Spirion has a proven track record of protecting sensitive data, meeting compliance needs helping companies avoid costly fines and data loss – all while protecting their customers’ information.”
The Riverside Company is a global private equity firm focused on investing in and acquiring growing businesses valued at up to $400 million. Since its founding in 1988, Riverside has invested in more than 520 transactions and its portfolio includes more than 75 companies. The firm is headquartered in New York with 16 additional US and international offices (www.riversidecompany.com).
Investment bank Mooreland Partners was the financial advisor to Inverness Graham and PWC was the financial advisor to Riverside. Freeport Financial and PNC Erieview provided funding for the transaction.
© 2018 Private Equity Professional | May 15, 2018