The Riverside Co. has sold Learning Seat, an online compliance training specialist, to Callidus Software in a deal worth $26.4 million.
Melbourne, Australia-based Learning Seat provides compliance and professional development training for corporate, health care and government customers.
Riverside and Australia’s The Wingate Group acquired the business from Rupert Murdoch’s News Limited for an undisclosed amount in 2012. Three years later they made an add-on acquisition with C-Learning, another Australian e-learning company.
“Learning Seat today offers comprehensive training solutions, and we’re pleased it attracted the interest of a strong strategic buyer like Callidus,” Riverside Partner Nick Speer said in a statement.
Working with Speer on the transaction for Riverside were Founding Partner Stuart Baxter, Managing Partner Simon Feiglin and Senior Associate Kevin Xu.
The Wingate Group co-invested alongside Riverside in the original investment.
Deloitte Touche Tohmatsu served as corporate adviser and Lander & Rogers served as legal adviser.