The Riverside Co. has invested in Spirion, a St. Petersburg, Florida-based provider of IT security and data privacy software.
“IT security is an ever-growing concern for any company,” Riverside Managing Partner Loren Schlachet said in a statement. “A single event can cost untold millions and permanently damage a company’s reputation, so an outstanding product like Spirion’s is compelling.”
Spirion has grown quickly thanks to its Identity Finder product, which helps customers identify, classify, monitor and protect sensitive information stored throughout an IT ecosystem, an enterprise solution that reduces sensitive data sprawl by 99.5 percent.
Riverside said it intends to build on its deep software and IT experience to help Spirion grow through product development, international expansion, significant sales team development and strategic add-ons. The PE firm said the IT security market is expected to grow at a double-digit clip, and new EU regulations will increase corporate accountability of data leaks, which should accelerate growth.
Spirion boasts an outstanding management team that will remain in place and be supported by Riverside as it expands and improve the company. Working with Schlachet on the deal for Riverside were:
- Partner Alan Peyrat.
- Principal Brad Resnick.
- Associate Rahul Mohan.
- Operating Partner Jonathan Temple.
- Finance Director Mark Piggot.
- Founding Partner Robert Landis sourced the deal for Riverside.
- Principal Dan Haynes helped secure financing.
- Jones Day and PWC advised Riverside on the deal.
- Freeport Financial and PNC Erieview provided funding for the transaction.