JERSEY CITY, NJ, Aug. 6 /PRNewswire-FirstCall/ - Wellington Financial LP, a privately-held specialty finance firm, today announced it has provided a US$3.5 million debt financing commitment to Pivot, Inc. of Jersey City, NJ, the leading provider of liquidity management and collaboration software to the financial markets. The financing will support Pivot's rapid growth as an increasing number of trading desks turn to Pivot to significantly boost their trading profits. Pivot's venture capital investors include Boldcap Venture Partners, Draper Fisher Jurvetson Gotham Ventures, EPIC Ventures, Eze Castle Integration, Hudson Ventures, and Softbank Capital.
"Thousands of trading professionals use Pivot's suite of tools to streamline communications, collaboration and liquidity management. The resulting increased speed in locating and acting on trading opportunities serves to drive profitability," said Craig Netterfield, Senior Vice President at Wellington Financial. "Pivot is our fourth U.S. northeast VC-backed debt financing over a short period of time, which speaks to our commitment to provide non-amortizing True Growth Capital in this key North American high tech region."
The Pivot platform directly increases the revenue and profitability of trade desks, allowing brokers and traders to easily locate liquidity, negotiate trades, and seamlessly integrate pre-trade information with pricing, analytics, execution, and clearing systems. Pivot helps convert trading operations from an inefficient mix of phone calls, emails, and IMs into a shared trading screen that combines personal interactions with electronic trade data exchange. Traders find relevant liquidity, price faster, and analyze indicative market movements in real-time more easily with global, electronic workflows. Brokers benefit by completing more deals faster, while providing higher levels of service to customers.
"The opportunity for Pivot to transform inefficient markets is tremendous. Having a smart, experienced financial partner like Wellington Financial means that Pivot will have the resources and flexibility to support our growth objectives," said John Eley, CEO for Pivot Inc. "I'm excited to add such a strong partner like Wellington to the team."
Cafferty & Company served as independent advisor for Pivot, and Choate LLP and Lowenstein Sandler PC provided legal advice on this transaction.
Since 2004, Wellington Financial LP has led or participated in more than $335 million in transactions, making it one of the most active funds of its kind in North America.
About Wellington Financial LP
Wellington Financial LP is a privately-held specialty finance firm providing revolving lines of credit, term, venture and amortizing loans up to $40 million. Wellington Financial LP is currently managing a $450 million investment program via Wellington Financial Fund III, with offices in Toronto, Canada and Santa Monica, California. Wellington Financial LP is managed by a partnership controlled by fund management and Clairvest Group Inc. (CVG: TSX), who jointly have contributed a large financial stake to Fund III. LPs include several of Canada's largest institutional investors, crown corporations, financial institutions and pension funds. Please visit the fund website at www.wellingtonfund.com, or the Wellington Financial team blog at www.wellingtonfund.com/blog.
Pivot revolutionizes how buy and sell side traders manage liquidity and trade in conversational trading markets. Pivot's software solutions deliver the benefits of electronic trading while preserving the merits of personal relationships and product customization to improve market efficiency and scalability while reducing operational risks. Pivot is backed by venture investors Boldcap Venture Partners, Draper Fisher Jurvetson Gotham Ventures, EPIC Ventures, Eze Castle Integration, Hudson Ventures, and Softbank Capital.
SOURCE Wellington Financial LP