Authoria, Inc., a provider of comprehensive talent management solutions, said the company has agreed to be acquired by Bedford Funding, a White Plains, NY-based private equity firm for $63.1 million. In addition to the purchase price, Bedford Funding will make an additional $8 million investment in working capital to enhance Authoria’s overall corporate growth.
Founder Tod Loofbourrow will continue to lead Authoria as its CEO as the company accelerates the expansion of its operations and market presence.
“Authoria is a platform for building the first billion-dollar company in talent management,” said Loofbourrow. “Our partnership with Bedford brings us an investor well matched to the size of the market opportunity before us, and enables us to accelerate our next phase of growth.”
“Bedford Funding chose Authoria for the company’s impressive enterprise customer base, the breadth and depth of its new Authoria Talent Management solution, demonstrated leadership in meeting the needs of the world’s largest employers, and the stellar management team,” said Charles S. Jones, managing partner of Bedford Funding. “We see the talent-management market as one of the largest emerging markets in software-as-a-service. We look forward to working with Tod and his team to optimize and expand the company’s market opportunity.”
Authoria recently announced 93-percent year-on-year bookings growth in the second quarter of 2008.