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The Riverside Company invests in

31 Jan 2012

US mid-market private equity firm The Riverside Company has bought, a software company that develops web-based membership management software for member-based businesses.

Established in 1998 and based in St Petersburg, Florida, the company serves nearly 1,000 customers globally. It provides a software-as-a-service (SaaS) product that consists of two key a front-end online community and back-end membership software. Financial terms of the deal were not disclosed.

Riverside managing partner Loren Schlachet said, “We believe has a lot of room to continue growing due to its large addressable market that is not yet well served. Only a fraction of the tens of thousands of associations in the US use membership management software, and the benefits of’s SaaS-model solution are compelling.”

The deal is Riverside’s third acquisition of 2012, and the firm’s eighteenth software investment to date. The firm recently bought Emergency Communications Network, another Florida-based SaaS company, which provides severe weather warnings to municipalities, county and state governments and school districts.

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