The Riverside Company Completes Logical Add-on
Firm Invests in Surgical Software Provider Applied Logic, Inc.
The Riverside Company, a global private equity firm, has added Applied Logic, Inc., to its Censis Technologies platform. This acquisition supports Censis’ vision to remain the first-class choice for surgical inventory management software as well as promotes the platform’s strategy to expand product offerings.
Headquartered in St. Louis, Applied Logic provides software and third-party hardware used in the sterile processing department (SPD) of hospitals and medical facilities. The company’s products assist with SPD workflows, tracking surgical inventory and alerting staff to issues such as insufficient sterilization and missing items following surgery.
“Given the similarities between the two businesses, the combination of Censis and Applied Logic will create a very innovative offering,” said Riverside Managing Partner Loren Schlachet. “With its blue-chip customer base and compelling recurring revenue model, Applied Logic offered an attractive acquisition opportunity for Censis, and we are very pleased to complete this transaction.”
The add-on further enhances Censis Technologies’ leading position as a provider of SaaS-based surgical instrument tracking and workflow solutions for sterile processing departments. With this acquisition, Censis will be able to more effectively build its customer base, helping large and small hospitals convert from paper-based tracking systems to more efficient and cost-effective software-based solutions.
Censis CEO Randy Smith referenced the transaction as an opportunity to “take the strengths of both organizations and offer the most innovative and advanced portfolio that will now serve more than 1,300 hospitals across North America.”
“Applied Logic serves numerous large, well-respected hospitals and has a very strong footprint in the Northeast and Southwest,” said Riverside Vice President Garrett Monda. “Acquiring Applied Logic will nearly double the number of hospitals Censis serves, further solidifying its leadership position.”
Working with Schlachet and Monda on the deal were Riverside Partner Brian Sauer, Senior Operating Partner Dave Tiley, Senior Associate Ken Johnson, Analyst Elizabeth Warner and Finance Director Ross Fuller. Origination Vice President Stephen O’Hara sourced the add-on.
Censis Technologies, based in Franklin, Tennessee, is the leader in surgical instrument and asset management software. Censis offers multiple solutions, including CensiTrac, which is a highly advanced, web-based software system focused on maximizing OR throughput and regulatory compliance. Censis Technologies’ software is deployed in 1,300 hospitals in the United States, Canada, and Australia. For more information, visit www.censis.com.