Deal with Boston company
US software group acquires Scots data firm Veropath
David Booker: ‘thrilled to be joining Calero’ (photo by Terry Murden)
Scottish data analytics company Veropath has been acquired by US software group Calero Software for an undisclosed sum.
Veropath, headquartered in Edinburgh, helps large companies optimise their expenditure on telecoms and becomes Calero’s third add-on acquisition since it was purchased by Riverside Partners, a Boston-based private equity firm, nine months ago.
The UK is the second largest telecoms expense management (TEM) market globally while Calero majors on cloud lifecycle management (CLM).
Michelle Noon, general partner at Riverside Partners, said: “Veropath represents continued investment by Riverside Partners and Calero into strategic geographies for CLM.
“Our commitment to Calero as a leading CLM platform extends to supporting clients with industry leading localised knowledge, sales and support resources. Veropath delivers in all three areas.
“Furthermore, Calero’s clients will benefit from leading edge technology and resources available to address global security and privacy concerns including the recently implemented GDPR requirements.”
The addition of Veropath, based in Castle Street, more than doubles Calero’s European team, further strengthening its market position within the EMEA region. Veropath’s client list includes Capita, Debenhams and Network Rail.
It was backed by 130 angel investors and Scottish Enterprise but after seeing an outflow of cash five years ago tech veteran David Booker, ex-Unisys, was brought in as chief executive to reposition the business.
A number of investors were bought out and he eliminated the debt in the process of restoring it to profitability. Last year he spoke about expanding into the US on the road to becoming a global company.
Mr Booker, now managing director for Calero, said: “I’m thrilled to partner with Riverside Partners and to join the Calero team.
“As the Veropath solution becomes part of the broader Calero offering, Veropath clients will benefit greatly from Calero’s market-leading position, a shared view on delivering excellent customer value, its commitment to innovation, and a complementary set of solutions designed to help enterprises manage cloud expenses, mobile services and usage optimisation.
“At the same time, our clients can expect no change to their existing solutions.”
Calero’s software and managed service solutions deliver sustainable value within large enterprises, universities and government agencies by enabling clients to more efficiently and more effectively manage the myriad of cloud and communications services, devices, contracts, invoices and spending across their operations.
Calero manages more than $7 billion of annual telecom, mobility and cloud spend for over 3,000 customers operating in more than 50 countries globally. Calero also provides managed mobility services for more than 500,000 mobile devices.
Veropath provides information technology expense management (TEM) services for international companies – addressing the challenge of managing complex IT and telecom estates, to reduce costs and drive efficiencies.
It services clients in more than 30 countries with more than 90 carriers.