The Riverside Co. introduced that it signed a definitive settlement to amass Lubbock, Texas-based iCEV, a software program as a service (SaaS)-based developer of digital curriculums and academic assets for the profession and technical training market.
Monetary phrases of the deal weren’t disclosed.
Based in 1984 as CEV Multimedia Ltd., iCEV says it focuses on tutorial supplies within the topic areas of agricultural science and expertise, enterprise and advertising, household and shopper sciences, commerce/trade and profession exploration. The corporate serves the Okay-12, post-secondary and workforce markets via a digital platform comprising greater than 2,000 classes throughout 16 acknowledged profession clusters. It additionally hosts 16 completely different trade certifications.
“With one of many largest on-line libraries of CTE (i.e., profession tech) programs, iCEV has lengthy been revered and admired as a frontrunner on this sector,” stated Riverside associate Drew Flanigan in a press release. “Given widespread labor shortages and related abilities gaps, the necessity to equip college students and assist CTE profession pathways is extra urgent than ever. As a frontrunner in on-line CTE curriculum and certification testing, iCEV is well-positioned to proceed capitalizing on these developments.”
Peter Tsang, Riverside’s co-chief funding officer for the Riverside Capital Appreciation Fund, stated the personal fairness agency’s funding will assist with increasing iCEV’s choices and capabilities via natural progress and acquisitions, which could embrace constructing new content material in areas like STEM, laptop science, coding and automotive.
Riverside highlights the deal as one among many in its training and coaching specialty, noting it is invested in additional than 80 comparable academic and coaching firms.
Riverside is a worldwide personal fairness agency co-headquartered in Cleveland that invests in rising companies valued at as much as $400 million.