Riverside Partners, LLC, a Boston-based private equity firm, completed a majority equity investment in Contractor Management Services, a Phoenix, Arizona-based provider of compliance software and payment settlement services for independent contractor work forces.
The amount of the transaction was not disclosed.
Led by Dennis Roccaforte, founder, and E. Patrick LaVoie, CEO, CMS offers its services through Cloud-based solutions that enable contracting companies to pay independent contractors as well as track, document and facilitate compliance with the complex regulatory, legal and tax requirements associated with the use of independent contractors.
Following the investment, Mr. Roccaforte will continue to serve on the board of directors and remains a significant owner while Mr. LaVoie will continue to run the company
The company intends to use the proceeds to continue to expand its technology-based service offerings and accelerate growth.