The Riverside Company (Riverside), a global private equity firm focused on the smaller end of the middle market, has sold surgical device tracking and workflow software provider, Censis Technologies (Censis).
Headquartered in Franklin, Tennessee, Censis provides SaaS-based surgical instrument tracking and workflow solutions for sterile processing departments (SPDs) of hospitals and ambulatory surgical centres.
Censis helps ensure the accuracy and procedural compliance of SPDs, including the critical responsibility of assembling instrument trays for surgical procedures, sterilising instruments and managing and maintaining inventory from purchase to retirement.
Riverside Managing Partner, Loren Schlachet, says: “Our team had a clear value creation plan going into the investment.
“We executed on that plan in close partnership with management to drive organic growth, improve the product suite to further enhance the company’s leadership in the market and complete a key add-on acquisition.”
Riverside sourced and completed the add-on of St Louis-based Applied Logic.
“Working hand-in-hand with the Censis team, we successfully expanded the sales team to drive organic growth and capitalise on an under-penetrated market,” says Riverside Partner, Brian Sauer. “We more than quadrupled the number of hospitals served during our five-year hold period.”
Censis is an example of Riverside’s commitment to investing in the software and information technology and healthcare specialisations.
“We are proud of the work we have done with Censis, a company whose mission-critical solutions help save lives and improve patient outcomes every day,” says Riverside Vice President Garrett Monda. “We are happy to say that, with the help of Riverside, Censis is poised to continue its path as the leading perioperative optimisation solution, and we look forward to watching its next chapter with Fortive.”
