The Riverside Co. has sold digital marketing provider ProSites Inc. to Detroit-based Rockbridge Growth Equity.
ProSites offers website design and hosting, reputation management, search engine optimization, social media management, pay-per-click advertising and practice communication software to more than 14,000 dental, medical, financial and accounting practices.
During Riverside’s hold, ProSites transformed from a website designer into a company considered to be the industry’s leading comprehensive online marketing solutions provider. The company completed two add-on investments, deepened existing customer relationships, enhanced sales and marketing efforts and launched new products and functionality.
“It was a pleasure working with ProSites’ highly effective management team,” Riverside Managing Partner Loren Schlachet said in a statement. “The dynamic leadership led to expanding market share and sales growth, and their commitment to innovation was evident in the addition of premium, ‘always on’ marketing solutions that truly drove client retention.”
In 2011, Riverside’s initial investment was in platform company CPA Site Solutions, the industry’s leading website provider for accounting businesses. In 2013, Riverside pursued a similar strategy and added ProSites. The merger strengthened both entities by combining innovative technology with website design expertise and provided the scale to build a comprehensive suite of digital marketing services. With the addition of PracticeMojo in 2017, Riverside added further capabilities as a provider of cloud-based SaaS software.
Riverside has invested in more than 130 software and IT companies since 1988.
Working with Schlachet and Riverside Partner Alan Peyrat on the deal for Riverside were Partner Dan Haynes, Senior Associate Sara Mostatabi, Operating Partner Dale Fuller and Finance Director Kim Katzenberger.
ProSites and Riverside were advised by JEGI and Bowstring Advisors. Additionally, Jones Day and Deloitte assisted Riverside on the transaction.