The Riverside Co. has merged OmniUpdate and Destiny Solutions in a deal intended to provide an innovative and comprehensive suite of digital marketing solutions in the higher education market. The combined entity expects to have more than 450 college and university customers and more than 100,000 higher education professionals using its products daily, plus an extensive network of partner relationships.
The combined company will be led by OmniUpdate’s Lance Merker as CEO and Destiny Solutions’ Peter DeVries as president and COO and be headquartered in Camarillo, California.
“Combining OmniUpdate and Destiny is the natural evolution for helping higher education institutions serve students better and market more effectively across the spectrum, from non-traditional continuing education students to traditional matriculating students,” Riverside Managing Partner Loren Schlachet said in a statement. “During our investment, we look to expand the product offering and cross-sell complementary functionality between the two companies’ customer bases to provide them an even stronger value proposition.”
Riverside originally invested in Destiny in 2018, building on its extensive experience in both its Education and Training and Software and IT specializations.
Working with Schlachet and Riverside Partner Joe Manning on the deal for Riverside were Partner Dan Haynes, Principal Stephen Rice, Analyst Nancy Graham, Operating Partner Steve Pogorzelski and Finance Director Doug Guess. Managing Partner Jeremy Holland sourced the deal for Riverside.
Riverside was advised by Jones Day, Deloitte and West Monroe Partners. OmniUpdate was advised by Software Equity Group. Saratoga Investment Corp. provided financing for the transaction.