Pythian, a global technology services company, closed a $15 million mezzanine financing with BDC Capital.
“Pythian and BDC Capital have been partners for 10 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 10 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.
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.
Ottawa-based BDC Capital, with more than $2 billion under management, is the investment arm of BDC.