NewSpring has used its mezzanine fund to invest in technology developer Pillar Technology.
US-based Pillar is a technology consulting firm which develops, designs, and markets software solutions for clients. The company’s platform is used by a range of sectors including retail, the public sector, and financial services, among others.
Some of Pillar’s use cases include building a platform to support audit processes which could decipher between fraudulent tax filings and legitimate ones. Another software designed by the company helped support a retailer and its loyalty reward card by improving customer retention and a mobile experience for the card.
Pillar Technology hopes to use the funds to expand its geographical presence, increase its customer base and develop new solutions for its platform.
NewSpring general partner Greg Barger said, “Pillar Technology is a leader in agile consulting, creating software at a fast pace within their large and growing market—enabling them to establish themselves as an industry leader.”
Last year, NewSpring Capital closed its third mezzanine fund on $257.4m, surpassing the initial target of $200m. The vehicle will be used to invest between $5m and $20m in to companies that have over $20m in revenue and an EBITDA of at least $2m.
Earlier this week, software developer Originate picked up an undisclosed investment from Pacific Growth Investors. The company helps company’s like BlackRock, RMS, and SeedInvest to build software solutions to help their own services.
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