OTTAWA, ON / ACCESSWIRE / March 21, 2018 / Kivuto Solutions Inc. is pleased to announce the successful closing of its acquisition by Legado Capital, effective March 1, 2018.
Legado Capital is an entrepreneurial investment firm specializing in the acquisition and active management of medium-sized businesses with high potential for growth. The firm is supported by a strong group of investors with deep connections across the technology and education industries. Toronto Dominion Bank (TD) and BDC Capital, the investment arm of the Business Development Bank of Canada, were key financiers in the transaction alongside a consortium of institutional investors from Canada and the US. TD acted as Senior Lender to Legado. BDC Capital's Growth and Transition team proudly participated in the acquisition by providing mezzanine financing to Legado.
"In our view, Jeff Blacklock and Carlos Meza of Legado Capital are well positioned to lead Kivuto through a new phase of expansion. They will inject new energy to drive growth and build on Kivuto's strong base," said Sean Crouse, Director of BDC Capital's Growth and Transition Capital division for the national capital region.
Founded in 1997 by Ram Raju, Kivuto was established to simplify the management and distribution of software in higher education. Today, the company's award-winning platform powers OnTheHub, a network of custom school-branded WebStores that provides students with discounted academic software, and Texidium, an end-to-end eBook adoption, delivery, and reader solution.
This acquisition will allow Legado to leverage their connections to increase Kivuto's penetration among schools, students, and publishers. "We are committed to working with our partners to take a business that's already great today and accelerate its growth globally for the long term," says Carlos Meza, Managing Partner of Legado.
Former CEO Ram Raju and President Rick White have stepped down from their positions at Kivuto but will remain with the company in an advisory capacity to ensure a smooth transition. Mr. Raju will remain on the company's board of directors.
"This event marks an exciting and positive inflection point for Kivuto. This transaction is the result of a diligent sale process, allowing us to select an outstanding partner that will bring a wealth of new contacts, experience, and access to capital," says Ram Raju, Founder and former CEO of Kivuto. "I'm proud to be part of this new chapter and look forward to supporting the company's growth ambitions in the education technology sphere."
Carlos Meza from Legado has stepped in as Kivuto's new CEO, and his partner Jeff Blacklock has assumed the roles of President and COO. Both men bring a considerable amount of expertise and connections to the company and look forward to helping Kivuto grow and succeed going forward.
"Kivuto has built a great team of professionals that has driven much of the company's success over the years and we're thrilled to be a part of this world-class organization," says Jeff Blacklock, Managing Partner of Legado Capital.
About Kivuto
Kivuto Solutions is the world's leading provider of advanced digital distribution and management solutions that enable the secure delivery of digital resources to individuals, businesses, and organizations anywhere in the world. Kivuto simplifies the process of delivering any digital good to any market under virtually any terms and conditions. Over 60,000 academic institutions and departments trust Kivuto to manage and distribute software to their students, faculty, and staff. The company distributes software and other digital resources to millions of users in over 185 countries. For more information, visit kivuto.com.
About Legado Capital
Legado Capital is an entrepreneurial investment firm focused on the acquisition and active management of medium-sized growing businesses. Legado was formed with the sole purpose of seeking to make a controlling investment in a stable company with high growth potential. Legado is supported by an unparalleled investor group comprised of institutional and private investors with entrepreneurship and operational experience. Legado's investor group is well spread across North America with operations based in Boston, New York, Chicago, Dallas, San Francisco, Los Angeles, Toronto, Vancouver, and Calgary. For more information, visit www.legadocapital.ca.
About BDC Capital
BDC Capital is the investment arm of BDC - Canada's only bank devoted exclusively to entrepreneurs. With $3 billion under management, BDC Capital serves as a strategic partner to the country's most innovative firms. It offers a full spectrum of risk capital, from seed investments to transition capital, supporting Canadian entrepreneurs who wish to scale their businesses into global champions. Visit bdc.ca/capital.
Contact
Rebecca Petrie
Communications Coordinator
(613) 526-3005 ex. 164
rpetrie@kivuto.com
SOURCE: Kivuto Solutions Inc.
