Technology Expense Management Players to Accelerate Investments in Product Innovation and Customer Service
Phoenix, AZ and Rochester, NY — Calero Software and MDSL, two high-growth software providers in the recurring Technology Expense Management space, today announced plans to merge. Oak Hill Capital will make a significant new investment—joining Riverside Partners, Calero’s existing financial sponsor—as the lead investors in a growth re-capitalization of Calero and subsequent funding of the combination with MDSL. Sumeru Equity Partners (“SEP”), MDSL’s financial backer, will also continue as a significant investor in the combined business. The closing of the merger is expected in late Q4 or early Q1 and remains subject to customary regulatory and other approvals. Financial terms of the transactions were not disclosed.