Pythian closes $15 million mezzanine financing from BDC Capital
OTTAWA, May 3, 2017 /PRNewswire/ - Pythian, a global technology services company that helps businesses adopt disruptive technologies to better compete, announced today that it closed a $15 million mezzanine financing with BDC Capital.
"Pythian and BDC Capital have been partners for ten years, and we appreciate their entrepreneurial approach and ongoing enthusiastic support," said Paul Vallée, Pythian's CEO. "These funds will enable us to increase our investment in a number of key growth areas including Cloud, Analytics and further geographic expansion into Europe."
"Pythian has exceeded our expectations by multiplying its revenue by ten since our first investment," said Cyril Cochrane, Ottawa Managing Director, Growth & Transition Capital at BDC Capital. "With prestigious international clients and employees based in more than 40 countries, this Canadian company is already making its mark on the worldwide IT services market. In our view, Pythian is well positioned to grow more prominent globally in the coming years."
Over the course of the company's history, Pythian has been primarily funded through operating profits. This mezzanine round is only the third round of financing in Pythian's 20-year history, all of them coming from BDC Capital. Proceeds will be used to invest in strategic areas of growth for the company as well as to repurchase shares from some long-term shareholders. In addition to the $15 million, BDC Capital refinanced an existing $5 million facility so that both loans mature at the same time.
About Pythian
Pythian is a global technology services company that helps businesses compete by adopting disruptive technologies such as advanced analytics, big data, cloud, databases, DevOps and infrastructure management to advance innovation and increase agility. Specializing in designing, implementing, and managing systems that directly contribute to revenue growth and business success, Pythian's highly skilled technical teams work as an integrated extension of our clients' organizations to deliver solutions that enable the strategic use of data, accelerate software delivery, and ensure reliable, scalable IT systems.
About BDC Capital
With more than $2 billion under management, BDC Capital is the investment arm of BDC, serving as a strategic partner to Canada's most innovative and high-potential firms. It offers a range of equity, venture capital and flexible growth and transition capital solutions to help Canadian entrepreneurs scale their businesses into global champions. To find out more, visit bdc.ca/capital.
SOURCE The Pythian Group Inc
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