Ottawa-based Pythian, an IT company that helps businesses compete by adopting disruptive tech such as advanced analytics and big data, has just closed a $15 million mezzanine funding round led by BDC Capital.
“Pythian has exceeded our expectations by multiplying its revenue by ten since our first investment,” said Cyril Cochrane, the Ottawa managing director of growth and transition 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.”
In addition to the new funding, BDC also refinanced an existing $5 million facility so that both of Pythian’s loans mature at the same time. Pythian plans to use the funding to invest in strategic areas of growth, repurchase shares from some long-term shareholders, and expand into Europe. The company said this is its third round of financing from BDC Capital in its 20 years of operation.
“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 was recognized among Canada’s Top 100 Employers list of 50 best small and medium-sized employers for 2014.