Frank Gozzo, an active angel investor in the Triangle, has bought out his partners in software firm Noverant.

“This is a major investment,” Gozzo told WRAL Local Tech Wire. “I would not be doing it unless this made good business sense.”

Gozzo invested in Noverant in 2004 and was named chairman of the board in August of last year. Noverant, which focuses on compliance software, was launched as a spinout from Entrinsik in 2002.

Gozzo, who has investments in seven different firms, is a retired executive from IBM and Bell & Howell. He and his wife own the holding company that purchased Noverant.

Other investors in Noverant had included venture capital firms Research Triangle Ventures and Catalysta Ventures.

Gozzo has aggressive plans to grow Noverant. While not disclosing any financial details, Gozzo said Noverant has “real customers, real revenues and real product. This is not vaporware.”

Noverant’s Compliance Framework software suite is designed to assist companies in meeting training and knowledge requirements in closely regulated industries. Noverant launched an application service provider model of its employee qualification software, EQ-OnDemand, last August.

“I just believe in the technology. This is a solid product,” Gozzo said of Noverant’s software. “From a growth standpoint, I truly believe we can expand beyond life sciences.

“Any company where training is critical or government regulated can be well served by this software,” he added, “and we are looking to expand into other vertical markets.”

Noverant is hiring new employees in several different areas and also is moving into new offices in the Triangle, Gozzo explained. The company had been based in Raleigh.

As part of the ownership change, Curtis Noack has assumed a chief operating officer role with Noverant and will be the “point person” for the firm, Gozzo said. Noack worked for Gozzo at another company.

Noack replaces Sam Tetlow, who is a principal at Research Triangle Ventures.

“While Noverant has served the life science industry exclusively, the new owner is in a position to reach deeper into the life science arena and also expand into other vertical markets,” Tetlow said in a statement. “We look forward to the future success of Noverant and expect to hear great things of Noverant with this new focus.”

Michael Brookman, who was chief executive officer of Noverant, will continue to work with the firm in an advisory capacity, Gozzo said.