Riveron, a business advisory firm backed by Kohlberg, has acquired a stake in Cuesta Partners, a Chicago-based AI and data technology company. The investment was announced alongside the disclosure that HIG Capital holds a minority position in Riveron. Financial terms of the deal were not disclosed.

Cuesta Partners, founded in 2019 by Tom Derhake, Riley Scott, and Chris Steiner, will maintain significant ownership and continue to be led by its founding team. The investment aligns with Riveron's strategy to expand its AI and data capabilities, with the combined entity aiming to offer clients data-centered insights that will be unmatched in the industry, according to Ahmed Wahla, a partner at Kohlberg.

Canaccord Genuity LLC served as the exclusive financial advisor to Cuesta, while Ropes & Gray LLP and Mayer Brown LLP provided legal counsel to Riveron and Cuesta respectively. The deal positions Riveron to strengthen its competitive edge in the rapidly evolving AI and data analytics sector.