Private equity firm Riverside Partners has sold its stake in risk and compliance platform Pilgrim Quality Solutions to an unnamed buyer.
Florida-headquartered Pilgirm helps the life science market with risk and compliance tasks including audit management, CAPA management, compliant management, and quality intelligence, among others. The platform has been deployed in more than 30 countries, of which 80 per cent are in life sciences.
Some of the company customers including Medela, Quest Diagnostic, American Red Cross, Boston Scientific, Terumo, HemoCue and Datwyler, among others.
The firm initially acquired Pilgrim in 2011 in an undisclosed deal.
Riverside Partners general partner and chairman Michelle Noon said, ?Over the course of our ownership, and in partnership with management and the employees of Pilgrim, the Company transformed from a founder-owned company with a solid product and customer base into a clear QMS platform leader in cloud-based software solutions serving leading organizations within medical device, pharmaceutical, biotech, blood, diagnostic labs and other life sciences segments.p>
Currently, Riverside Partners is raising its fifth European fund, with the firm having pulled in up to ?340m so far. The vehicle has a target of ?450m.
Earlier this year the firm invested into software developer for the insurance and financial institution industry Impeo. Following the investment Impeo hopes to boost its presence in the European marker and expand its solutions.
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