Led · Equity · Jul 2022

Pico offers a comprehensive portfolio including trading cloud infrastructure, connectivity, market data, software and analytics (including PicoNet instrumented with Corvil analytics). The company operates across 55 data centers and serves more than 430 clients, including the top 25 global banks and 39 exchanges. Founded in 2009, Pico has pursued growth through acquisitions such as Corvil Analytics in 2019 and Redline Trading Solutions in January 2022. The $200 million strategic investment from Golden Gate Capital is intended to accelerate M&A activity and further expand Pico’s data offering and market coverage. Management says the capital will also be used for general corporate purposes and continued investment in its high-performance, resilient infrastructure. Additional transaction terms were not disclosed. Pico is a leading provider of technology services for the global financial markets community. It offers the PicoNet global network platform instrumented natively with Corvil Analytics to deliver low-latency market access and telemetry. Recent investments expanded capacity, resiliency and diversity of PicoNet, introduced 100Gb native bandwidth on a pure optical backbone, and enabled Corvil Analytics for 100Gb networks. Pico plans to bolster its platform with automation tools for quicker, deterministic delivery and to continue global growth and expansion. The company announced completion of a $135M Series C and said the funding will strengthen its balance sheet and support its global expansion plans. Pico is collaborating with Intel to accelerate AI, big data and analytics-based innovation, including work on a 100Gbps network data capture and real-time streaming analytics platform and an exploratory financial services lab. Pico provides innovative, transparent, low-latency financial markets solutions coupled with an agile service-delivery platform. Its offering includes a globally comprehensive network platform, PicoNet, instrumented natively with Corvil analytics and telemetry. Pico serves more than 400 leading banks, exchanges, asset managers, fintech vendors and trading firms across five continents. Over the past 12 months the company has expanded its APAC presence with strategic hires, new offices and additional data-center presences in Singapore, Hong Kong, Tokyo, Korea and Taiwan. Within the next 18 months Pico plans to add 20 more data centers in the region and to grow its local headcount (targeting about 80 local employees). Financial details related to the EDBI investment were not disclosed in the announcement.

Led · Equity · Jan 2019

Infor provides industry-focused enterprise cloud software including ERP, CRM and supply‑chain asset management and has shifted aggressively to the cloud over the last five years. The company reports more than 17,000 employees, 68,000 customers across 100+ countries and generated $3 billion in revenue in 2018; more than 70% of revenue now comes from cloud products. Infor has grown rapidly through an acquisition strategy and tailors suites to specific industry needs rather than broad generic ERP. Management is preparing for a potential IPO in the next 12–24 months and says additional investments before going public are possible. The company carries substantial debt—about $6.1 billion—and plans to use new capital to pay down that leverage. CFO Kevin Samuelson said the paydown plus cash flows and estimated IPO proceeds should provide leverage levels consistent with recent successful IPOs. Infor builds business software tailored to specific industries and delivers those enterprise applications in the cloud. Its core product set targets industry-specific workflows and is positioned for cloud deployment. The company reports about 15,000 employees and more than 90,000 customers across over 170 countries. Infor says the recent capital infusion will be used to accelerate innovation, expand distribution, and continue disrupting the enterprise applications industry. Existing shareholders include Golden Gate Capital, Summit Partners, and company management. The announcement frames the investment as validation of Infor’s strategy and growth.