CMS Partners with Riverside Partners for Continued Growth
PHOENIX, June 11, 2015 /PRNewswire/ -- Contractor Management Services ("CMS" or the "Company) today announced that it has partnered with Riverside Partners, LLC, a Boston-based private equity firm, to capitalize on its success and fuel its continued growth. Financial terms of the transaction were not disclosed.
CMS is the leading provider of compliance software and payment settlement services for independent contractors. CMS offers its services through Cloud-based solutions that enable contracting companies to settle and contract with independent contractors as well as track, document and facilitate compliance with the complex regulatory, legal and tax requirements associated with the use of independent contractors. The Company is based in Phoenix, Arizona.
"I am thrilled with the success we have achieved to date at CMS," said Dennis Roccaforte, founder of CMS. "The investment by Riverside Partners is a testament to the company we have built and I firmly believe that this partnership will enable us to fulfill our vision of helping contracting companies to engage, contract with, administer and settle with independent contractors and allowing contractors the freedom and flexibility of being independent." Mr. Roccaforte will continue to work with the Company and serve on its board of directors and remains a significant owner in the Company.
E. Patrick LaVoie, who will continue to run the Company as its Chief Executive Officer, said, "CMS has experienced rapid growth over the past several years, and our goal is to continue along that trajectory." Mr. LaVoie added, "We chose Riverside Partners because of their experience investing in and growing leading technology-based services companies. We expect that our partnership with Riverside Partners will allow us to continue our innovation around the new gig economy, expand our technology-based service offerings and accelerate our growth while continuing to meet and exceed our customers' needs."
Daryl Ann Roccaforte, who will continue as Senior Vice President of CMS, expressed that "CMS will continue to assist companies to incorporate best business practices when engaging independent contractors. With Riverside Partners as our partner, CMS will be able to accelerate our investment in technology to further support our clients."
"CMS' technology-based approach is highly differentiated, and is a major part of what attracted us to the Company," said Steven F. Kaplan, General Partner at Riverside Partners. "We are excited to partner with Dennis, Patrick, Daryl Ann and the rest of the CMS team as the majority investor in the Company."
About Contractor Management Services LLC
Since 2001, Contractor Management Services has been the nation's leading independent contractor management solution provider with a proven track record of addressing the compliance needs of its contracting company customers. Since its founding, CMS has worked with hundreds of contracting companies and tens of thousands of independent contractors throughout North America. CMS continues to lead the industry with its highly effective ICM Power™ Solutions that allow both contracting companies and independent contractors to Stay Connected. Stay Compliant. Stay Contracted. www.ICMpower.com.
About Riverside Partners LLC
Founded in 1989, Riverside Partners is a middle market private equity firm currently investing Riverside Fund V, L.P. The fund focuses on growth-oriented companies primarily in the technology and healthcare sectors. Riverside Partners is particularly experienced at partnering with founders, owners and management teams and it brings substantial domain expertise and operating experience to its portfolio companies. Today, Riverside Partners manages $1 billion of equity capital and seeks to make investments in companies with revenues between $20 and $200 million and with $5-$25 million of EBITDA. For more information, please visit www.riversidepartners.com.
SOURCE Contractor Management Services LLC
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