Rochester, NY (August 2, 2022) — Calero, a leader in the high-growth Technology Expense Management (TEM) software space, announced today that it has acquired Network Control, a boutique Telecom Expense Management company providing high-touch telecom expense management and managed mobility software and services to customers for the past 22 years. Calero is a portfolio company of Riverside Partners and Oak Hill Capital Partners. Financial terms were not disclosed.
As part of the transaction, Mark Hearn, owner and CEO of Network Control, will join the Calero team as Vice President and General Manager of its Network Control Business Unit. In this role, Hearn will be responsible for ensuring that his customers continue to receive the high-quality services and attention to which they have become accustomed. 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 team,” said Scott Gilbert, CEO of Calero. “Combined with the investments in our technology and platform, this acquisition provides Calero with the perfect springboard from which to accelerate our growth in the middle-market, one of our 2022 strategic initiatives,” continued Gilbert.
Hearn 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 am convinced that Calero is the only firm capable of checking all three of these boxes and I am delighted to continue this journey with Scott and the Calero team.”
Steven Kaplan, Chairman of the Board of Calero and a General Partner at Riverside Partners, and Adam Hahn, a Principal at Oak Hill Capital Partners, added “We are excited to fold Network Control in to the Calero family. Not only do the two companies share similar views on customer service and technology, but we especially appreciate the culture and values shared by the two firms’ leadership teams”.
About Calero
Calero 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 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 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. To learn more, visit www.caleromdsl.com.
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 Oak Hill Capital
Oak Hill is a longstanding private equity firm focused on the North America middle-market. Oak Hill applies a specialized, theme-based approach to investing in the following dedicated industry sectors: Media & Communications, Industrials, Services, and Consumer. The Firm implements a highly systematic approach to theme development, proactive origination, and value creation in partnership with management to build franchises of lasting value. Since 1986, Oak Hill and its predecessors have raised approximately $20 billion of initial capital commitments and co-investments, invested in approximately 100 companies, and completed more than 300 add-on acquisitions representing an aggregate enterprise value at acquisition of over $60 billion. For more information, please visit www.oakhill.com.