Bedford Funding buys software company for $63m

The New York-based firm, which raised its $400m debut fund in 2006, targets companies in the information technology services and software sector.

Bedford Funding, a New York-based private equity firm, has purchased software company Authoria for $63.1 million (€44 million) and will make an additional $8 million equity investment in the company to enhance sales and marketing.

Authoria develops systems for employers to recruit staff and manage employee performance, compensation and succession planning in an organization. The company serves more than 300 organizations.

Bedford said in a statement that companies will increasingly rely on systems like Authoria’s to make sure employee performance is in line with corporate goals.

“Regardless of the economic climate, talent management initiatives will become increasingly important to every company’s success,” the firm said in a statement.

Bedford was founded in 2006. The firm, which closed on its debut fund on $400 million in November 2006, focuses on the software and information technology services sectors.

The firm was founded by Charles Jones, the former chief executive officer of Geac Computer Corporation.