NewSpring Capital Leads Growth Equity Investment in 3Pillar Global, Inc.
June 06, 2013
RADNOR, PA - June 6, 2013 - NewSpring Capital, a family of private equity funds providing growth equity and mezzanine capital, announced today that NewSpring Growth Capital III, the firm's dedicated technology and business services growth equity fund, led a $12 million Series A equity financing in 3Pillar Global, Inc. ("3Pillar") along with existing investors.
3Pillar partners with its customers to build software products for businesses, enabling them to quickly turn ideas into value. They do this through a disciplined approach to innovation and a 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. 3Pillar takes a strategic product mindset in working with a broad range of customers across information-rich vertical industries like media and education. With clients that include PBS, Hobsons, Carfax and Northrop Grumman, 3Pillar builds software products that drive revenue.
With this transaction, Marc Lederman, NewSpring General Partner, will join the Company's Board of Directors. "3Pillar is a terrific addition to the NewSpring Growth portfolio and we are excited to partner with an excellent management team and assist in the execution of the Company's aggressive growth strategy," said Lederman. "The Product Development Services sector is growing rapidly and we believe 3Pillar is well positioned to continue to make a substantial and meaningful impact on the industry while building on an already successful and sustainable business."
David DeWolf, CEO of 3Pillar commented, "We chose NewSpring Capital as our partner due to their strong reputation in the Mid-Atlantic region and the firm's deep experience in the services and software sectors. We were looking to find a true partner in helping to support our growth and scale and look forward to working with Marc and the team at NewSpring Capital."