Riverside Partners has exited its investment in Vocollect through a $197 million sale of the company to Intermec (NYSE: IN). Vocollect provides voice-centric solutions for mobile workers and received $15 million of growth equity from Riverside in 2009. Intermec develops and integrates products, services and technologies that identify, track and manage supply chain assets and information.
Since the beginning of 2009, PE investors have exited 37 companies primarily engaged in the Software industry, according to the PitchBook Platform. Although exit deal count held steady at 17 deals from 2009 to 2010, the median exit deal size did not. Instead, it more than doubled from $112.5 million in 2009 to $230.4 million in 2010. The largest exit last year was the $2.125 billion sale of Intergraph to Hexagon AB in October, which represented an exit for Hellman & Friedman, TPG Capital and JMI Equity. 65% of the exits since the start of 2009 occurred through sales to corporations. Those corporate acquisitions had a median exit deal size of $246 million. The next most popular exit method was secondary transactions with 22%, while IPOs accounted for only 14% of the exit activity.