Riverside buys California software developer PeopleGrove

The Riverside Co. has announced the acquisition of San Francisco-primarily based computer software developer PeopleGrove, which is described as a company of vocation mentorship and alumni engagement application made use of by better education establishments.

Economical terms of the offer ended up not disclosed.

The investment decision will broadly support the company’s subsequent stage of expansion by supporting it deal with the “growing need for continuous occupation guidance among pupils, modern grads and seasoned alumni,” according to Riverside.

The platform is reportedly accessible to more than 20 million pupils and alumni throughout 100 universities. The organization states it has services “near to” 1 million mentorship connections given that its founding in 2015.

“We started off PeopleGrove to guarantee all pupils and alumni, no matter of their qualifications or working experience, have obtain to the network and help essential to accomplish their job goals,” reported PeopleGrove CEO Adam Saven in a statement. “We’ve made fantastic development on this mission, but there is significantly function left to do. With Riverside’s capital and skills, we will go more rapidly, making certain we are the main Occupation Access System.”

PeopleGrove has lifted $8.9 million around its lifespan so much, in accordance to Crunchbase, which involves a $1.7 million venture funding round concluded in May possibly 2021.

“Riverside’s investment decision will also help the corporation to go on investing in merchandise growth so that PeopleGrove’s answer can increase to deal with additional of the mentoring, networking and job enhancement desires during a increased education establishment,” mentioned Riverside senior partner Joe Manning in a assertion. “In addition, we are fired up to get the job done with administration on pursuing strategic acquisitions and other development alternatives that may perhaps assist broaden the item suite obtainable for PeopleGrove’s consumers, college students, alumni and company spouse customers.”

Riverside is a world wide private equity firm co-headquartered in Cleveland that invests in escalating enterprises valued at up to $400 million in the lesser conclude of the center sector.

Stacee R. Grigg

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