Riverside Partners Backs Pilgrim Software

Boston-based private equity firm Riverside Partners has invested an undisclosed amount in Pilgrim Software Inc., which makes enterprise risk, compliance and quality management software. The investment is aimed at helping the company expand. Founded in 1989, Riverside Partners is a middle market private equity focused on healthcare and technology.

PRESS RELEASE:
Pilgrim Software, Inc., a world-leading provider of Enterprise Risk, Compliance and Quality Management (ERCQM) software solutions, today announced that Riverside Partners, a Boston-based healthcare and technology private equity firm, has made a strategic investment in the company to support Pilgrim’s next phase of growth and continued innovation.

Pilgrim has pioneered effective, integrated software solutions for the Life Science and Manufacturing industries. Pilgrim’s fully web-based risk, compliance and quality management software solution platform supports customers by helping to ensure product safety and regulatory compliance, reducing manufacturing costs, increasing overall productivity while improving customer satisfaction.

“Pilgrim has built a software platform that helps customers improve overall governance, compliance, and quality; increase productivity; lower costs; and, reduce risk,” said Philip Borden, a General Partner at Riverside Partners. “Pilgrim’s product suite is particularly relevant in this era of increased scrutiny by the FDA and other regulatory bodies. Its integrated electronic solution removes the need for paper-intensive compliance and quality processes, and enables companies to streamline their operations. Pilgrim addresses a critical need in today’s highly regulated environment and we look forward to partnering with the Company to help it continue on its strong growth trajectory.”

“Pilgrim, since its inception in 1993, has been established as a customer-driven company with the ability to offer an extensive, highly tailorable solution set in a cost-effective manner,” said Ami Utji, President, CEO, and Co-Founder of Pilgrim. “After nearly two decades of consistent growth, we were seeking an investment partner with a demonstrated track record of helping founder-owned companies continue to grow. We felt that Riverside Partners’ focus on both technology and healthcare end-markets, its operating expertise, and its entrepreneurial culture made it the best choice for all the stakeholders involved, including our customers and employees.”

Recognized for its consistent customer satisfaction and industry-leading retention rates, Pilgrim has been awarded multiple times as Frost & Sullivan’s Enterprise Compliance & Quality Management Company of the Year, and with its Best in Class Value Enhancement Award. With this new investment, Pilgrim Software expects to continue to build on its tradition of strong domain expertise and its leadership role in the ERCQM industry by continually evolving its regulatory compliance and quality solutions based on industry best practices. Stifel Nicolaus Weisel acted as exclusive financial advisor to Pilgrim on the transaction.

About Pilgrim Software, Inc.

Pilgrim Software, Inc. is a world-leading provider of Enterprise Risk, Compliance and Quality Management solutions for global organizations. Through its integrated platform, Pilgrim helps organizations manage industry and regulatory compliance, address potential risks, reduce manufacturing costs and improve customer satisfaction. Pilgrim has been named North American Enterprise Compliance & Quality Management Company of the Year — Best Practices by Frost & Sullivan, and winner of its 2010 North American Best-In-Class Customer Value Enhancement Award in the Enterprise Risk, Compliance and Quality Management Market for the Life Sciences Industry. For more information, visit Pilgrim Software’s website at www.pilgrimsoftware.com.

About Riverside Partners
Founded in 1989, Riverside Partners is a middle market private equity firm currently investing Riverside Partners Fund IV, L.P. The fund focuses on growth oriented companies primarily in the healthcare and technology 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. For more information, please visit http://www.riversidepartners.com.