Riverside buys California software developer PeopleGrove

Susan R. Jones

The Riverside Co. has declared the acquisition of San Francisco-primarily based software developer PeopleGrove, which is explained as a supplier of profession mentorship and alumni engagement software program utilized by higher education establishments.

Economical terms of the offer were being not disclosed.

The financial commitment will broadly support the company’s next stage of progress by encouraging it address the “developing need for ongoing vocation guidance among learners, recent grads and professional alumni,” according to Riverside.

The system is reportedly readily available to more than 20 million college students and alumni across 100 universities. The company claims it has amenities “near to” 1 million mentorship connections because its founding in 2015.

“We started out PeopleGrove to make sure all pupils and alumni, irrespective of their track record or experience, have obtain to the community and aid necessary to attain their profession aims,” said PeopleGrove CEO Adam Saven in a statement. “We have created terrific development on this mission, but there is considerably work still left to do. With Riverside’s money and skills, we will shift speedier, making certain we’re the top Job Access Platform.”

PeopleGrove has lifted $8.9 million around its lifespan so far, according to Crunchbase, which includes a $1.7 million venture funding round concluded in May 2021.

“Riverside’s investment will also empower the organization to carry on investing in item improvement so that PeopleGrove’s alternative can grow to tackle more of the mentoring, networking and occupation development requires during a greater training establishment,” said Riverside senior companion Joe Manning in a statement. “In addition, we are thrilled to do the job with management on pursuing strategic acquisitions and other advancement possibilities that might help broaden the solution suite available for PeopleGrove’s clients, pupils, alumni and corporate partner end users.”

Riverside is a world-wide private fairness firm co-headquartered in Cleveland that invests in escalating firms valued at up to $400 million in the lesser close of the center current market.

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