The Riverside Company has sold Learning Seat, an online compliance training specialist, to Callidus Software (NASDAQ:CALD). Learning Seat has a broad content library and proprietary learning technology that provides compliance and professional development training for corporate, healthcare and government customers.
Riverside invested in Melbourne, Australia-based Learning Seat in 2012 and added customers, content and capabilities to the company with the add-on of C-Learning in 2015.
In addition to the add-on, Riverside worked to grow Learning Seat by investing to expand the workforce, improve sales and marketing, and expanding the company’s content library.
Riverside also relied on its extensive international experience in the software and IT space, where it has made 90 investments in its history.
“Learning Seat today offers comprehensive training solutions, and we’re pleased it attracted the interest of a strong strategic buyer like Callidus,” said Riverside Partner Nick Speer.
Learning Seat CEO Phil Tutty is looking forward to the next chapter for his company.
“We are really excited to be joining CallidusCloud and its Litmos team,” said Tutty. “Litmos and Learning Seat, combined, represent a great opportunity in the local markets and allows us to bring our Adaptive Learning Technology to the global market through the CallidusCloud channel.”
Working with Speer on the transaction for Riverside were Founding Partner Stuart Baxter, Managing Partner Simon Feiglin and Senior Associate Kevin Xu.
The Wingate Group co-invested alongside Riverside in this investment. Deloitte Touche Tohmatsu served as corporate advisor and Lander & Rogers as legal advisor.