Global mid-market private equity firm The Riverside Company has acquired a majority stake in Brisbane software company Dingo, investing alongside founder Paul Higgins.
No financial details of the transaction have been disclosed.
Dingo claims to be the global leader in predictive software for the maintenance of heavy equipment. The company’s technology is used by “asset-intensive” companies in mining and defence which need to guard against key equipment breaking down.
Dingo says its cloud-based Trakka software integrates with existing systems to transform data into actionable insights enabling maintenance teams to make better decisions on when to service equipment.
Riverside’s Melbourne-based managing partner Simon Feiglin said the firm was excited to partner with Higgins, chief executive Charlie Forrest and the wider Dingo leadership team “in this next stage of their exciting growth journey”.
With the backing of Riverside, Dingo will step up international expansion.
Dingo was founded by Higgins, an engineer, in 1991 to provide a platform to predict when maintenance was required for heavy equipment drawing on a range of indicators. In addition to mining and defence, Dingo’s technology is used in the rail and renewable energy sectors.
Dingo commissioned corporate advisory firm Lazard Australia to run a sale process for the company late last year. The process is believed to have valued the business at well over $100 million.
Riverside was advised on the investment by PwC and Herbert Smith Freehills Kramer. In addition to Lazard, Dingo was advised by DLA Piper.
Last year, Riverside took a majority stake in Wollongong-based IT managed services provider Virtual IT Group. In late 2023, Riverside exited Adelaide-founded energy market simulation software company Energy Exemplar to Blackstone (NYSE: BX) and enterprise software specialist Vista Equity Partners for more than $1.6 billion.
Image: Dingo’s predictive technology is used to determine when heavy equipment should be serviced.