Censis Technologies, a portfolio company of The Riverside Company since July 2014, has acquired Applied Logic.
Applied Logic provides software and third-party hardware used in the sterile processing department (SPD) of hospitals and medical facilities. The company’s products assist with SPD workflows, tracking surgical inventory and alerting staff to issues such as insufficient sterilization and missing items following surgery. Applied Logic is headquartered in St. Louis (www.appliedlogicinc.com).Censis provides SaaS-based surgical instrument tracking and workflow services for sterile processing departments of hospitals and ambulatory surgical centers. Censis’ services are used to ensure the accuracy and procedural compliance of SPDs which are responsible for assembling instrument trays for surgical procedures (trays can include hundreds of instruments); sterilizing instruments; and managing and maintaining inventory. The company’s flagship product, Censitrac, provides customers with a real-time dashboard that can locate a specific tray within a hospital and automatically alerts users of issues such as incorrect assembly, insufficient sterilization, missing instruments, or instruments requiring maintenance. Censis is led by CEO Randy Smith and is headquartered in Franklin, TN (www.censis.com).
“Given the similarities between the two businesses, the combination of Censis and Applied Logic will create a very innovative offering,” said Riverside Managing Partner Loren Schlachet. “With its blue-chip customer base and compelling recurring revenue model, Applied Logic offered an attractive acquisition opportunity for Censis, and we are very pleased to complete this transaction.”
The buy of Applied Logic further enhances Censis Technologies’ leading market position and will allow the company to build its customer base, helping large and small hospitals convert from paper-based tracking systems to more efficient and cost-effective software-based solutions. On a combined basis, Censis and Applied Logic now serve more than 1,300 hospitals across North America.
“Applied Logic serves numerous large, well-respected hospitals and has a very strong footprint in the Northeast and Southwest,” said Riverside Vice President Garrett Monda. “Acquiring Applied Logic will nearly double the number of hospitals Censis serves, further solidifying its leadership position.”
Working with Mr. Schlachet and Mr. Monda on this transaction were Riverside Partner Brian Sauer, Senior Operating Partner Dave Tiley, Senior Associate Ken Johnson, Analyst Elizabeth Warner and Finance Director Ross Fuller.
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 560 transactions and its portfolio includes more than 80 companies. The firm is headquartered in New York with 16 additional US and international offices (www.riversidecompany.com).
© 2018 Private Equity Professional | October 19, 2018