The Riverside Co., a New York-based private equity firm “dedicated to supporting high-growth companies,” has acquired Virginia-based Cloudpermit, according to a statement announcing the deal.
Terms were not disclosed.
Attempts to reach representatives of the two companies were not immediately successful, but another source with knowledge of the deal confirmed to Government Technology that this is an acquisition.
Cloudpermit traces its origins to 2011 and, per its blog, has worked with more than 850 public agencies via a cloud-based “community development” platform designed to streamline operations for inspectors, code enforcers, permitting professionals and staff.
The company plans to use the new investment to expand its product line and “lead new initiatives, including adding enhanced [Building Information Modeling], AI solutions, and public works functionality for governments across the U.S., Canada, and Finland,” according to the news release.
“Cloudpermit is recognized as a market leader and innovator in the government technology sector, and the company is well-positioned to continue its rapid growth,” Riverside Micro-Cap Managing Partner Loren Schlachet said in a statement from the private equity firm.
The growing activity of private equity in gov tech is among the industry’s main ongoing trends, and that investment shows few signs of slowing down.
This new deal also highlights the attractiveness of the permitting and licensing sector, evidenced by other recent investments and acquisitions, as that part of the gov tech industry adopts better tools and customer service practices.
“At Cloudpermit, we are committed to empowering local governments with our transformative community development platform, so we can drive positive change and improve citizen experience,” Jan Pawli, Cloudpermit CEO, said in a statement. “This investment will enable us to broaden our impact, support countless forward-thinking communities, and provide cutting-edge technology to our clients.”
