Authoria purchased by Bedford Funding

The Waltham based business management company Authoria, Inc. announced today that it has agreed to be acquired for $63.1 million by Bedford Funding, a private-equity firm based in White Plains, New York.

Bedford Funding will make an additional $8 million investment in working capital to enhance Authoria’s overall corporate growth.

“Authoria is a platform for building the first billion-dollar company in talent management,” Founder and CEO Tod Loofbourrow said in a statement. “Our partnership with Bedford brings us an investor well matched to the size of the market opportunity before us, and enables us to accelerate our next phase of growth.”

Authoria recently announced 93-percent year-on-year bookings growth in the second quarter of 2008.
(By Jonnelle Marte, Globe correspondent)