3Pillar Receives Series A Funding from NewSpring Capital
Fairfax, VA – June 6, 2013 – 3Pillar, a product development partner creating software that drives revenue growth for its clients, today announced that NewSpring Capital has led a Series A preferred stock round with existing shareholders of $12 million. NewSpring Capital is a leading private equity firm that has raised over $950 million of committed capital, partnering with dynamic companies and their management teams to provide them with the financial resources, strategic guidance, and powerful network they need to launch new products, expand into new areas, and ultimately realize their full potential. The 3Pillar management team and corporate organization structure will remain unchanged and will continue to be led by CEO, David DeWolf.
“Our commitment to and alignment with our clients’ success has helped us achieve compounded annual growth in excess of 57% for the past seven years. Partnering with the right investor is the next logical step as we continue to scale and expand the business,” DeWolf said. “With this funding and partnership with NewSpring, we’ll have the resources we need to accelerate growth by aggressively moving into new geographies and vertical markets.”
Marc Lederman, General Partner of the NewSpring Growth investment fund, said, “3Pillar is an excellent fit for our NewSpring Growth Capital III, LP fund, which targets companies in large growing markets that are sensitive to disruptive technologies. We were attracted to the company’s track record of success, management team, and impressive client list – along with the clear potential for future growth. We will leverage our past experience and lessons learned in both the services and software sectors to help 3Pillar acquire and best utilize the resources it needs to capture the market opportunity.”
About 3Pillar
3Pillar builds software products for businesses, enabling them to quickly turn ideas into value. We do this through our disciplined approach to innovation and our deep expertise in disruptive technologies, such as mobile and big data. Through a collaborative and fully-integrated experience, clients have access to a global network of highly-talented, dedicated professionals. www.3pillarglobal.com/.
About NewSpring
NewSpring Capital, based in Radnor, PA, is a leading provider of private equity capital focused in the Mid-Atlantic region. NewSpring Capital currently has over $950 million of assets under management. The family of funds consists of: (i) NewSpring Growth, which invests equity capital in businesses exceeding $5mm in revenue within the business services, enabling technology and information technology sectors to support growth, recapitalizations and mergers & acquisitions; (ii) NewSpring Healthcare, which invests equity capital in businesses exceeding $5mm in revenue within the healthcare services, specialty pharmaceutical and medical technology sectors to support growth, recapitalizations and mergers & acquisitions; (iii) NewSpring Mezzanine, which partners with business owners and financial sponsors to provide mezzanine debt and equity to support growth, acquisitions and recapitalizations with companies exceeding $20mm in revenue and $2mm of EBITDA; and (iv) NewSpring Holdings which focuses on control buyouts and platform builds, targeting profitable growing companies between $5 and $25 million of revenue in the business process automation, services, software and niche manufacturing / distribution sectors; NewSpring Capital combines deep operating knowledge with financial and investing expertise to provide growing companies the financial resources, advice, network of contacts and strategic partnerships necessary to be successful.