Riverside Partners, based in Boston, Mass,announced recently that it has completed a growth equity investment in Vocollect, Inc. This investment is designed to accelerate Vocollect's growth through a variety of ongoing initiatives including, geographic expansion and product development efforts, as well as to expand the penetration of Vocollect Voice into markets beyond supply chain and healthcare.
Vocollect is the world leader in voice enabled workforce productivity solutions for mobile workers. Vocollect's supply-chain business was founded more than 20 years ago. The company provides voice applications for use across core supply-chain functions, such as distribution centres and warehouses. Vocollect helps customers reduce costs, increase worker productivity and accuracy, and improve safety and worker satisfaction. Every day Vocollect Voice is used by over 250,000 workers worldwide to distribute more than $2 billion dollars' worth of goods to customer locations.
Vocollect Healthcare Systems' AccuNurse voice-assisted care solution is used by nurse aides for the management and documentation of patient care in skilled nursing facilities (SNFs). Organisations using AccuNurse benefit from reduced paper processing, lower operating costs, increased reimbursements and improved quality of care.
"Vocollect's voice-enabled workforce productivity systems are widely recognised for streamlining supply-chain workflows, and enhancing worker performance and accuracy. Beyond their success in the supply-chain business, we were impressed by the success of Vocollect's management in leveraging the company's core technology to enter the healthcare IT market. Vocollect's healthcare products enable SNFs to deliver more effective patient care, increase worker productivity, and reduce the administrative costs of compliance. Riverside is excited to partner with Vocollect's co-founder and CEO Roger Byford, and we look forward to working with Roger and his team to further the company's growth," said Steven F. Kaplan, general partner of Riverside Partners.
"Vocollect was looking for a partner that brought more than just capital to the company. The existing shareholders and management wanted a value-added partner with deep domain experience in the technology and healthcare markets. We believe the team at Riverside Partners is well-suited to help Vocollect build on its strong foundation and accelerate our growth," said Roger Byford, Vocollect CEO.
"In today's challenging economy, it is gratifying that Riverside sees the vast potential of voice in helping organisations achieve a higher level of business performance. This investment in Vocollect's future will further enable us to continue our strong level of innovation and research so that we can identify and address unmet market needs, as well as expand our current leadership position in existing markets," Byford said.
Riverside Partners
Founded in 1989, Riverside Partners is a middle market private equity firm focusing on growth-oriented companies in the healthcare and technology industries. Riverside is particularly experienced at partnering with founders, owners and management teams, and it brings substantial domain expertise and operating experience to its portfolio companies. The partners at Riverside have managed more than $500 million in investments in over 50 companies. The firm is currently focused on companies with revenues between $20 - $200 million and with $5 - $25 million of EBITDA.
Vocollect
Since 1987, Vocollect, Inc. has delivered proven performance improvements in productivity, accuracy, cost reduction and job satisfaction for mobile employees. Vocollect Voice literally talks people through their daily tasks, replacing cumbersome lists and traditional data capture methods with hands-free, personal voice dialogs. Through a premier global network of resellers and supply chain performance experts, hundreds of thousands of people on six continents use Vocollect Voice to improve work every day. Vocollect is headquartered in Pittsburgh, Pa., U.S.A., and supports its clients and resellers through offices in Europe, the Americas and Asia.
Vocollect Healthcare Systems
AccuNurse voice-assisted care from Vocollect Healthcare Systems, Inc. makes it easy for care staff to retrieve care needs on-demand, chart activities as they are completed, and Silent Page each other for help. Organizations using AccuNurse benefit from lower operating costs, maximized reimbursements and improved quality of care. Vocollect Healthcare Systems is a subsidiary of Vocollect, Inc.