BOSTON,MA, August 2, 2022- Riverside Partners, a Boston-based private equity firm, announced today that its portfolio company Calero-MDSL, a leader in the high-growth Technology Expense Management (TEM) software space, has acquired Network Control, a boutique Telecom Expense Management company providing high-touch telecom expense management and managed mobility software and services to customers.
Steven Kaplan, Chairman of the Board of Calero-MDSL and a General Partner at Riverside Partners, said “We are excited to fold Network Control into the Calero-MDSL family. The addition of Network Control strengthens Calero-MDSL’s position in the growing middle market segment. In addition to the strong market fit, the two companies share similar views on customer service and technology. We especially appreciate the culture and values shared by the two firms’ leadership teams”.
As part of the transaction, Mark Hearn, owner and CEO of Network Control, will join the Calero-MDSL team as Vice President and General Manager of its Network Control Business Unit. In this role, Mr. Hearn will be responsible for ensuring that his customers continue to receive the high-quality, high-touch services to which they have become accustomed to receiving. The Network Control team and operations will continue to be headquartered in Waverly, Iowa.
"We are very excited to be acquiring Network Control and look forward to Mark and the Network Control employees joining the Calero-MDSL team,” said Scott Gilbert, CEO of Calero-MDSL. “Combined with the investments in our technology and platform, this acquisition provides Calero-MDSL with the perfect springboard from which to accelerate our growth in the middle-market, one of our 2022 strategic initiatives,” continued Gilbert.
Mark Hearn, owner and CEO of Network Control added, “As I evaluated the many options available to me, my focus was on finding a partner that would allow me to continue to provide outstanding service to my customers, take care of my wonderful employees, and accelerate the growth trajectory I have spent 11 years building. I became convinced that Calero-MDSL was the only firm capable of checking all three of these boxes and I am delighted to continue this journey with Scott and the Calero-MDSL team.”
About Riverside Partners
Founded in 1989, Riverside Partners is a middle market private equity firm currently investing out of its sixth fund. The firm focuses on growth-oriented companies in the technology and healthcare industries. Riverside Partners is particularly experienced at partnering with founders, owners and management teams and it brings substantial domain expertise and operating experience to its portfolio companies. Today, Riverside Partners manages about $1.1 billion of equity capital and seeks to make investments in companies with EBITDA between $3 and $15 million. For more information, please visit www.riversidepartners.com.
About Calero-MDSL
Calero-MDSL is the leading Technology Expense Management provider, managing over $25 billion in spend worldwide for thousands of organizations in 102 countries. With a deep commitment to innovation and customer success, Calero-MDSL partners with organizations to provide a modernized, centralized technology expense management solution that supports Telecom Expense Management, Managed Mobility Services, and SaaS Subscription Management. Calero-MDSL is the industry leader in initiatives that solve pervasive market problems and continues to be recognized by industry analysts for award-winning achievements. The company is committed to serving customers with innovative solutions that provide visibility, control, and optimization of their entire technology ecosystem. For more information, please visit www.caleromdsl.com.
Contact
Kevin Morro
Riverside Partners
(617) 351-2827