A $500 million investment company announced Tuesday that it has made its first acquisition: A Branchburg-based provider of third-party management software.
Opus Global, a partnership between private equity firm GTCR and former VeriFone CEO Doug Bergeron, has purchased Hiperos, LLC, which provides technology solutions that help companies handle their third-party management needs.
“We raised a bunch of capital last fall looking for fast-growth businesses in the risk and compliance space that our type of capital could add value to,” Bergeron said in an interview. “Our type of capital is very active, growth-oriented. My history is that I’m not an investor, I’m a company builder, working with division heads, or in this case company heads, to take their business to the next step fast.”
Hiperos “forms the foundation” for Opus Global as it creates a technology platform that provides solutions for companies’ compliance requirements and risks.
“The reason we liked Hiperos more than anyone else is they went after the biggest and the best,” Bergeron said. “They didn’t waste time.”
Since its founding in 2007, Hiperos has connected more than 300,000 third parties to some of the world’s largest companies.
“As we headed down this road, it lined up for Opus, but it also, from my perspective as a CEO, aligned with what we wanted to do for our business,” CEO Greg Dickinson said in the interview.
Bergeron, now the CEO of Opus Global, will take over as executive chairman of Hiperos. Michele Flynn, the founder and current chairman of Hiperos, will become vice chairman of the company and join the Opus Global board. Dickinson will remain in his current role, while also joining the Opus Global board.
“I’ll take on the role of being Greg’s coach; my relationship will be with Greg,” Bergeron said. “I’ve been there before (as the CEO of a growing company). Everybody can use a mentor that’s walked that path before.”
Dickinson said Opus’ investment would put Hiperos in hiring mode, with its management team in New Jersey expanding, along with its sales force nationwide.
“There are no layoffs,” he added. “As a matter of fact, we have openings in head count that we have to fill quickly.”
Opus Global, headquartered in Palo Alto, California, was created with a $450 million investment from GTCR, based in Chicago, and a $50 million investment from Bergeron.
Terms of the Hiperos deal were not disclosed, but Bergeron characterized the investment as “significant.”
“Hiperos is going to be a much better business three years from now than before Opus and Hiperos got together, that’s for sure,” Bergeron said.
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