Allocore, a leading provider of federal loan, grant, and fraud prevention technology, announced its intent to acquire RiverNorth, a firm specializing in lending and financial assistance programs for the public sector. This acquisition will drive additional scale and expertise at Allocore while expanding Allocore’s reach across key federal agencies. Allocore is a portfolio company of Enlightenment Capital.
By combining Allocore’s loan management and AI-enabled fraud detection capabilities with the functional and regulatory program knowledge of RiverNorth, the acquisition sets the stage for Allocore to expand its current client base and enhance its position as the premier loan, grant, and fraud protection technology provider for federal, state, and local governments.
“Allocore’s cloud-native loan, grant, and fraud prevention platform has quickly become the go-to solution across the public sector,” said Bill Webner, Allocore Chief Executive Officer. “Adding RiverNorth to our group deepens our positioning in government and gives us additional technical and domain expertise to accelerate our expansion. Given the public sector’s current focus on greater efficiency and effectiveness, this combination could not come at a better time.”
“RiverNorth shares Allocore’s culture, passion for mission, and dynamic approach to serving the government market. Together, we create a new model of commercial software delivery built on lean teams of product and industry experts,” said Briana Coleman, RiverNorth Co-Founder and Chief Executive Officer. “Our clients want commercially available products and fast results, a far more impactful model than the never-ending O&M support from large consultancies we see in the market today. With Allocore, we are excited to accelerate modernizing the government’s outdated loan, grant, and fraud-fighting technologies.”
Allocore’s Executive Chairman Ben Wallace added, “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.”
The transaction is expected to close on May 1, 2025, subject to customary closing conditions.
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