The Riverside Company Makes Breakthrough Investment in CRIO, Inc.

The Riverside Company, a global private investor focused on the smaller end of the middle market, has invested in CRIO, Inc. (CRIO), a leading provider of eSource and other eClinical software for clinical trial sites, CROs and the pharmaceutical/biotech market.

Founded in 2015, CRIO offers an industry-leading, cloud-based clinical trial software solution purpose-built to streamline workflows for all stakeholders in the clinical trial ecosystem through its market-leading eSource, CTMS and regulatory compliance solutions. By using CRIO, customers unlock significant benefits through workflow automation, centralized data capture and automated patient recruitment and financial management. The company’s eSource solution simplifies data capture at the site level and establishes remote data verification capabilities for sponsors and CROs. Riverside’s investment in CRIO is a testament to the company’s rapid growth and compelling value proposition.

“Riverside has been an active investor in the eClinical software market over the last decade and we are excited to continue that commitment with an investment in CRIO,” said Riverside Micro-Cap Fund (RMCF) Managing Partner Loren Schlachet. “The CRIO team has done a fantastic job of creating a robust, feature-rich eSource product and is well-positioned to expand its offerings in the growing and underpenetrated clinical trial software industry.”

“We’re pleased to partner with the Riverside team. With the firm’s proven track record of helping software companies reach their full potential, Riverside will help us accelerate product development and build out the capabilities needed to continuously better serve our customers,” said CRIO Co-Founder and Co-CEO Raymond Nomizu. “The Riverside team is well-versed in our space. We couldn’t think of a better partner for CRIO’s next stage of our growth.”

“We’ve been impressed with the compelling value proposition provided by CRIO’s solutions. They drive trial protocol compliance, eliminate transcription, automate site financial functions and save sites and sponsors time and money,” said RMCF Senior Partner Joe Manning. “Riverside’s investment will help the company further expand its product development efforts as it broadens its product suite, both organically and through strategic acquisitions.”

This investment is another example of Riverside’s expertise working with Software and IT companies. The firm has completed more than 270 investments in this specialization and has a team of global experts dedicated to growing these types of organizations.

Working with Schlachet and Manning on the investment for Riverside were Vice President Liz Burke, Associate Yima Asom, Analyst Reece Quigley, Operating Partner Amar Patel and Group CFO Kim Katzenberger. Origination Partner Grant Marcks sourced the investment opportunity for Riverside.