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Carmel software maker Baker Hill acquired for $100M

September 4, 2015

Baker Hill, a Carmel-based software division of corporate giant Experian PLC, is being sold for $100 million to The Riverside Co., a private equity firm based in New York City.

Riverside said it will combine Baker Hill with another company in its portfolio, Database Marketing Agency Corp., or DMA, which is based in Beaverton, Oregon.

The acquisition should close by the beginning of the fourth quarter, Riverside said in a written announcement.

The company will maintain offices in both Carmel and Beaverton, Oregon, the announcement said. Naseer Nasim, president and CEO for DMA, will lead the combined company.

The combined company will count more than 600 financial institutions as clients.

Baker Hill, which makes loan-origination and portfolio-management software for the financial services market, was co-founded in Carmel in 1983 by entrepreneurs Mark Hill and Karen Hill. At the time, it was one of the largest tech firms in Indianapolis.

The Hills went on to start Collina Ventures LLC,  a local private investment firm that has made early investments in numerous technology start-ups, including Aprimo, Talx, Angel Learning and Bluelock. Mark Hill also has been one of the city's leading mentors to technology firms. 

Experian, based in Dublin, acquired Baker Hill in 2005 for an estimated $75 million. The company had annual revenue of about $25 million at the time and employed 180 people, including 165 in Carmel.

Sales growth at Baker Hill has been slow under Experian's ownership and employment has fallen.

The Baker Hill division posted revenue of $31 million in the fiscal year ended March 31, Experian disclosed this week. A DMA spokeswoman said there were now about 100 employees in Carmel.

“The sale of Baker Hill is another step in our group strategy to focus on our larger businesses and geographies,” Experian CEO Brian Cassin said in a written statement. “We are pleased that Riverside will take Baker Hill into the future and wish the Baker Hill management team and employees every success.”

 

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