Renovus Capital Partners (“Renovus” or the “Fund”) announced today the acquisition of Image Process Design, LLC. (“IPD” or the “Company”). Renovus is a private equity firm based outside of Philadelphia, PA focused on businesses in the education, training and human capital industries. IPD is a software company headquartered in Bloomfield Hills, MI. As part of the transaction, Renovus acquired a majority stake in the business with the founder and CEO retaining a significant interest in the Company.
Founded in 1991, IPD provides enterprise content management solutions to healthcare, insurance and financial companies, under its Ultera brand. The Company’s consultants and developers work with clients to implement fully packaged mission critical technology systems that support their core operations. IPD then works with customers on an ongoing basis to adapt the system to changing business needs through recurring maintenance contracts and service projects. As a result, customers report significant strategic and operational efficiency improvements in the form of increased revenue, improved customer relationships, reduced claims processing times and better workflow management. Under its new partnership with Renovus, IPD intends to accelerate growth through additional investments in R&D and sales and marketing, as well as by partnering with Prime Technology Group (“Prime”), a Renovus portfolio company.
“We are very excited to partner with the Renovus and Prime teams,” noted Steven Racine, IPD’s founder and CEO. “Through this transaction, we will have the resources to better capitalize on the continued trend of outsourcing IT functions, especially in the mid-market enterprise space.”
“Steven has built a high-quality business with incredible customer relationships,” added Atif Gilani, a Renovus founder. “We spent a significant amount of time speaking with customers and came away very impressed with their reviews of the Ultera product and IPD’s support capabilities. This level of customer satisfaction is reflected in the Company’s exceptional client retention and significant recurring revenue.”
“In a marketplace where IT systems are becoming increasingly industry specialized, IPD’s focus on specific verticals represents a unique opportunity to partner with a strong management team well-positioned in an attractive market,” concluded Atif Gilani.
DLA Piper advised Renovus while Signal Hill advised IPD on the transaction.
About Renovus Capital Partners
Founded in January 2010, Renovus Capital Partners is a $185 million private equity fund based in Wynnewood, PA, a suburb of Philadelphia. Renovus invests in small and mid-sized businesses within the education, training and human capital sectors, including both educational institutions and companies that provide these institutions with technology, content and services as well as corporate training, consulting and outsourcing businesses. The Fund is particularly interested in growth-oriented businesses, and the Renovus team actively partners with management to build its portfolio companies through acquisitions, new strategic initiatives and operational improvements. The Renovus team has a combined 50+ years of experience investing in the education and training sectors and the founding partners have been working together since 2005. Renovus is a licensed SBIC. For additional information on Renovus Capital Partners, see www.renovuscapital.com.