Enlightenment Capital-backed Allocore has agreed to acquire RiverNorth for an undisclosed sum to expand its client base and improve its position as a key provider of loan, grant and fraud protection technologies for federal, state and local governments.
Allocore said Tuesday it expects the acquisition to close on May 1, subject to customary closing conditions.
Expanding Federal Market Reach
“Adding RiverNorth to our group deepens our positioning in government and gives us additional technical and domain expertise to accelerate our expansion,” said Bill Webner, CEO of Allocore and a two-time Wash100 awardee. “Given the public sector’s current focus on greater efficiency and effectiveness, this combination could not come at a better time.”
The transaction will enable Allocore to combine its loan management and artificial intelligence-enabled fraud detection capabilities with RiverNorth’s functional and regulatory program knowledge.
“Our commercial banking heritage, coupled with RiverNorth’s public sector financial assistance program expertise, creates unmatched value for our government clients. This acquisition solidifies our market-leading position and ensures our future product and platform releases will drive even more value to our clients,” said Ben Wallace, executive chairman of Allocore.
What Does RiverNorth Do?
RiverNorth is an IT modernization company that helps government agencies and organizations develop programs, strategies and products that support people-centered missions.
The Ashburn, Virginia-based company provides digital modernization, enterprise and innovation strategy, and lending and grant program design support for government clients.
