BOSTON, MA — Riverside Partners, a Boston-based private equity firm, announced today that its portfolio company Vocollect, Inc. (“Vocollect”) has closed its sale to Intermec, Inc (NYSE:IN) (“Intermec”) for US $190 million in cash, subject to certain adjustments. The parties agreed to the transaction on January 15, 2011. The closing of the sale occurred following regulatory and shareholder approvals. Vocollect is the world leader in voice solutions for workforce management of mobile workers. The sale includes Vocollect's Supply Chain and Healthcare Systems businesses.
Vocollect's Supply Chain business was founded more than 20 years ago. The business provides voice applications for use across core supply chain functions such as distribution centers and warehouses. Vocollect helps customers reduce costs, increase worker productivity and accuracy, and improve safety and worker satisfaction. Every day Vocollect Voice is used by over 300,000 workers worldwide to distribute more than $3 billion dollars' worth of goods to customer locations.
Vocollect's Healthcare Systems business, known in the market as AccuNurse, provides a voice-assisted care solution used for the management and documentation of daily patient care by skilled nursing facilities (SNFs). Organizations using AccuNurse benefit from reduced paper processing, lower operating costs, increased reimbursements and improved quality of care.
My management team and I worked closely with Riverside Partners to augment our executive team, invest in international distribution and roll out several new product innovations across both the supply chain and healthcare businesses. Joe Pajer President and Chief Executive Officer, Vocollect
Joe Pajer, President and Chief Executive Officer for Vocollect, commented, “Our partnership with Riverside Partners was a key driver of this very significant milestone for Vocollect. My management team and I worked closely with Riverside Partners to augment our executive team, invest in international distribution and roll out several new product innovations across both the supply chain and healthcare businesses. We are very confident that, together with Intermec, we can continue to expand Vocollect’s solutions to better meet the needs of our customers. Intermec’s capabilities give us additional access to adjacent technologies and know-how, as well as additional supply chain customers worldwide.”
Steven F. Kaplan, a General Partner at Riverside Partners and a Vocollect board member said, “Since our investment in 2009, we have worked alongside Vocollect’s founders and management team to drive enhanced growth and profitability. The sale follows a very a very successful year in which the Company experienced nearly 15% growth, added almost 230 new customers and introduced five new innovative products for the global distribution and warehouse markets. Sales are at an all-time high, as is customer satisfaction, and the new products are being very well received by the market.”
Mr. Kaplan continued, “For Riverside Partners, this concludes a very successful investment for our investors. The improvements we were able to facilitate at Vocollect allowed us to recognize the value appreciation we were looking for faster than originally anticipated. We view this transaction as a win-win for all parties, including Vocollect’s employees and customers, Intermec, and investors in our Fund. The business is on very solid footing and it has been an absolute delight working in partnership with Joe and his team. Intermec is getting a terrific company with outstanding people and technology.”
About Vocollect
Vocollect, Inc. is the leader in creating and providing voice-centric solutions for mobile workers in distribution and warehouse environments worldwide. The speech recognition software and extreme recognition accuracy of in-vocabulary speech helps customers achieve a higher level of business performance through voice. Every day over 300,000 workers worldwide use Vocollect’s comprehensive voice solutions to distribute more than $3 billion in goods from distribution centers and warehouses to customer locations. A global team of over 2,000 supply chain reseller and channel partner experts supports Vocollect Voice offerings. Vocollect VoiceWorld Suite integrates with all major WMS and ERP systems, including solutions from SAP AG, and supports the industry's leading mobile computing devices. For more information, visit www.vocollect.com.
Vocollect®, Vocollect Voice® and Vocollect VoiceWorld Suite™ are trademarks of Vocollect, Inc. All rights reserved.
About Vocollect Healthcare Systems
Vocollect Healthcare Systems, Inc. provides sound business guidance and data-driven clinical outcomes to long-term care's leading facilities. Through its CliniFusion model, which couples the depth and knowledge of senior clinical advisors with the power of AccuNurse voice technology, the company has taken a leadership role in preparing providers for 2014 reform, streamlining the work of the caregiver, and making substantial and lasting improvements to the performance of their facilities. This 'fused' approach to achieving clinical outcomes is what empowers us to address problems no one else can. Vocollect Healthcare Systems, Inc. is a subsidiary of Vocollect, Inc.
AccuNurse® is a registered trademark of Vocollect Healthcare Systems, Inc. All rights reserved.
About Intermec
Intermec, Inc. (NYSE:IN) develops and integrates products, services and technologies that identify, track and manage supply chain assets and information. Core technologies include rugged mobile computing and data collection systems, bar code printers, label media, and RFID. The company's products and services are used by customers in many industries worldwide to improve the productivity, quality and responsiveness of business operations.
About Riverside Partners
Founded in 1989, Riverside Partners is a middle market private equity firm focusing on growth-oriented companies in the healthcare and technology industries. Riverside is particularly experienced at partnering with founders, owners and management teams and it brings substantial domain expertise and operating experience to its portfolio companies. The partners at Riverside have managed more than $500 million in investments in over 50 companies. The firm is currently focused on companies with revenues between $20-$200 million and with $5-$25 million of EBITDA.
Contact
Jon Lemelman
General Partner
Riverside Partners, LLC
One Exeter Plaza
699 Boylston St., 8th floor
Boston, MA 02116
Tel (Direct): 617 351 2810
jlemelman@riversidepartners.com