The Riverside Company made a major investment in crew management software maker ARCOS for the expansion of its operations. This was according to a report published by Yahoo Finance on its website.
ARCOS is a company that makes software for crew management, callout and emergency response. It caters to 21 out of 25 of the top utility companies in the United States. Its flagship products include Software-as-a-Service ARCOS Suite and ARCOS Crew Manager. These softwares allow the management to monitor its crew's location and give work assignments automatically. The company will use the new investment to tap into yet-unreached markets and industries, the report said.
The Riverside Company is a private equity firm based in Cleveland. It has gained vast experience in investing in high-profile software firms, said Yahoo Finance.
Under the terms of the deal, ARCOS chairman and founder Mitch McLeod will be included in the new ARCOS board of directors. He will join ARCOS CEO Bruce Duff and other management leaders from The Riverside Company, said the report.
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