Mill Point Capital Announces Carve-Out of Pythian Services Business
OTTAWA, Ontario--(BUSINESS WIRE)--Sep 9, 2019--
An affiliate of Mill Point Capital, a middle-market private equity firm focused on control-oriented investments in North American IT services, business services, and industrial companies, and The Pythian Group, Inc. (the “Seller”) today announced that they have completed Mill Point’s acquisition of the Seller’s services division (“Pythian” or the “Company”) in a corporate carve-out transaction. Pythian is a provider of IT services that enable businesses to more effectively use their data and the cloud to transform how they compete and win.
“With Mill Point’s involvement as an investment partner, Pythian can now focus on growing our data and cloud services business,” said Keith Millar, President of Pythian. “We’re thrilled to begin this new chapter. Pythian has an impressive data pedigree and with our successful move to embrace Cloud as a core element of our service offerings, we feel that Pythian is well-positioned to tackle our clients’ toughest data and cloud challenges.”
Pythian has over 250 customers across the globe. Chris Fitzgerald, VP IT Infrastructure and Technology Services at Pythian client FreshDirect stated, “We’ve been a happy Pythian customer for over ten years and we’re looking forward to working with them under their new ownership as our data needs continue to change and evolve.”
Michael Duran, Managing Partner of Mill Point, commented, “Over the last 20 years, Pythian has built a reputation for excellence in managing complex data applications, both on-premises and in the cloud. This transaction enables Pythian to narrow its focus on what matters most – delivering top-notch service to its clients. We are excited to partner with Keith and his team.”
Founded in 1997, Pythian is a global IT services company that helps organizations transform how they compete and win by enabling their clients to turn data into valuable insights, predictions and products. From cloud automation to machine learning, Pythian designs, implements and supports customized solutions to the toughest data challenges using a unique virtual team approach to drive better outcomes by providing the right skills and automation at the right moment for the right duration.
About Mill Point Capital
Mill Point Capital is a middle-market private equity firm focused on control-oriented investments in the business services and industrial sectors. The firm works with Executive Partners to leverage its investment professionals’ experience, while providing strategic and operational guidance designed to drive long-term value creation in its portfolio companies. Mill Point is based in New York, NY. For more information, please visit www.millpoint.com.
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CONTACT: Jiaeh Kim
KEYWORD: NORTH AMERICA CANADA
INDUSTRY KEYWORD: TECHNOLOGY MOBILE/WIRELESS FINANCE BANKING PROFESSIONAL SERVICES INTERNET DATA MANAGEMENT
SOURCE: Mill Point Capital
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PUB: 09/09/2019 10:52 AM/DISC: 09/09/2019 10:52 AM