The Pythian Group Inc. has closed a $15 million mezzanine financing with BDC Capital.
Founded in 1997, Pythian is a global IT services company that helps businesses adopt disruptive technologies to advance innovation and increase agility.
Over the course of the company’s history, Pythian has been primarily funded through operating profits. The new mezzanine round is only the third round of financing in Pythian’s 20-year history, all of them coming from BDC Capital. In addition to the $15 million, BDC Capital refinanced an existing $5 million facility so that both loans mature at the same time.
“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.”
photo credit: Pythian