Rivo Software snapped up by investment firms
WARWICK-based Rivo Software has been acquired by investment firms Kennet Partners and Fidelity Growth Partners Europe for an undisclosed sum.
Rivo Software is a provider of environmental, health and safety, quality and loss prevention management software.
Founded eight years ago, the company helps businesses manage compliance and business risk through its cloud-based software.
The company’s software is used in 82 countries and its clients include BP, Siemens, Thames Water and Veolia.
Simultaneous with the acquisition, Kennet Partners and Fidelity Growth Partners Europe are making a “significant capital investment” into the business, aimed at supporting the company’s global growth and driving awareness of broader business issues around reputation risk.
As part of the deal, co-investor Steve Husk will join the business as executive chairman. Husk, who was previously CEO of FRSGlobal, a business backed by Kennet Partners and acquired by Wolters Kluwer, brings a wealth of experience in the governance, risk and compliance (GRC) category.
Birmingham advisory firm Clearwater Corporate Finance advised shareholders of Rivo on the transaction. The deal team was led by head of TMT Carl Houghton, director Seb Saywood and senior TMT analyst Emma Rodgers.
Seb Saywood, director in Clearwater’s Birmingham office, said: “Rivo is a proven and scalable software-as-a-service business with an enviable blue-chip client base, operating in an exciting space.
“The combined strength of the existing management team with the additional expertise and capital from their investing partners has the potential to further accelerate the already compelling growth proposition, opening up new territories and routes to market.”
Ken Baxter, managing director of Rivo, added: “We are really excited about the acquisition by Kennet and FGPE. They have seen the amazing potential for our business to be a dominant global player and in addition to the capital investment, they alsobring a wealth of expertise and a wide network.
“Their support will help us to extend our high levels of service to new clients around the world. It’s a great opportunity for the business and for our clients.”
