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In Application Software, Property Technology

RightCrowd Acquisition by Bloom Equity Partners

Tags: #2023 #Property Technology

RightCrowd’s intelligent workplace access solutions empower companies to better manage identities, access and compliance in the workplace.

SYDNEY, AUSTRALIA: RightCrowd Limited, an Australian software company that provides identity, security and compliance solutions, has announced that it has sold its physical security-related businesses to Bloom, a New York based technology investment firm. The sale price was a significant premium to the company’s market capitalization.

The businesses being sold include the Workforce Access, Visitor Management and Presence Control product lines, which provide physical access control and visitor management solutions to large enterprises and government agencies.

RightCrowd CEO, Peter Hill, added “As founder and CEO of RightCrowd, working with our incredibly talented team for many years at the top end of the global physical security market, I am extremely proud of our many achievements. The innovation required in both the early days and still today has seen our solution deployed in globally significant enterprises and are now among the largest deployments of their type in the world.”

“I am personally very appreciative of the support we have received from our shareholders and believe this significant decision is in the best interest of all stakeholders. As the largest shareholder, I have made a deliberate decision to maintain alignment with all RightCrowd shareholders and lead the listed company to commercialize Access Analytics in the faster-moving, Identity and Cyber Security Markets. Even though Access Analytics is in its early stages, ARR had grown relatively quickly over the last year, and based on the current pipeline is showing all of the hallmarks of a highly scalable business.”

Bloom Equity Partner’s Managing Partner, Bart Macdonald, adds “We are excited to acquire RightCrowd’s physical security solutions, and commit to continued investment in technology R&D and delivering world-class service to RightCrowd’s global roster of customers. We thank RightCrowd’s Board in entrusting Bloom to navigate the next chapter of RightCrowd’s journey, including the establishment of the OEM partnership to grow the Access Analytics product in the physical security segment.”

About RightCrowd

RightCrowd a global provider of safety, security and compliance solutions that manage the access and presence of people. Combined with long-standing alliances with major security and business systems vendors, their award-winning solutions have helped organizations to keep their physical access control in sync with their business, making them safer and more secure, at lower cost.

About Bloom Equity Partners

Bloom Equity Partners is a private equity firm investing exclusively in lower middle market technology, software and tech-enabled business service companies. Bloom drives enduring market value by partnering closely with founders and management teams, injecting capital to unlock growth and providing operational resources and expertise to enable meaningful step-change to the business.

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