Long Ridge Equity Partners is preparing a sale of ProcessUnity, a software provider of cloud-based applications for risk and compliance management, sources familiar with the process told PE Hub.
Raymond James will provide financial advice on the process, which is expected to launch within the next month, the sources said. The sale is expected to attract both private equity firms and strategics.
ProcessUnity, based in Concord, Massachusetts, is an IT vendor risk-management software provider. The company’s software as a service (SaaS) platform gives financial service firms and commercial enterprises the control to assess, measure and mitigate risk and to ensure the optimal performance of key business processes.
The company generated $16 million in 2020 annual recurring revenue and is expected to produce $23 million in 2021, the sources said. ProcessUnity generates around $1 million in EBITDA, they said.
The sale of the company may fetch Long Ridge north of $300 million, some of the sources estimated.
Long Ridge, a New York City private equity firm, completed a majority growth investment in the company in September 2018.
The invested capital was intended to further accelerate the company’s growth in the third-party risk management and integrated risk management sectors, and to provide partial liquidity to existing shareholders.
Long Ridge, founded in 2007, is a growth equity firm focused on companies in financial technology and business technology, including enterprise software, data & analytics and GRC.
The firm recently raised its third fund, Long Ridge Fund III, which was oversubscribed and closed on $445 million in October 2020.
Aside from ProcessUnity, Long Ridge is also preparing to sell a minority stake in Carson Group, a provider of wealth management services to financial advisors and clients, PE Hub reported last month.
According to the firm’s website, Long Ridge backed over 20 investments that have returned more than $1 billion in gross realized value through exit.
Long Ridge, Raymond James and Process Unity did not return PE Hub‘s requests for comment.