NewSpring Successfully Exits Pillar Technology
October 10, 2018
Radnor, PA – October 10, 2018 – NewSpring (the “Firm”), a family of private equity funds, announced today that NewSpring Mezzanine ("NewSpring"), the Firm’s dedicated mezzanine strategy, has successfully exited Pillar Technology Group LLC. (“Pillar Technology,” “Pillar” or the “Company”), as a result of a strategic sale to Accenture.
Pillar Technology is a technology consulting firm that offers its clients the opportunity to solve business problems in a no-constraints, creative, collaborative environment. With expertise in design thinking, embedded solutions, and highly-complex software development, Pillar continues to drive efficiency and innovation for next-generation digital interfaces, autonomous vehicles, smart cities, and other leading-edge fields. Founded in 1996, Pillar Technology is headquartered in Columbus, Ohio, with additional locations in Des Moines, Iowa; Ann Arbor, Michigan; and Palo Alto, California.
Since NewSpring’s initial investment, Pillar Technology experienced rapid expansion with the development of a research laboratory for autonomous and connected vehicles, as well as a central data repository and operating system for Columbus, Ohio-based transportation projects.
“We’ve greatly enjoyed working with Greg Barger and the rest of the NewSpring team,” commented Bob Myers, Pillar Technology CEO. “This is an exciting time for Pillar as we continue to pursue smart-city projects around the country and internationally.”
“Pillar has worked diligently to expand their business and capitalize on a rapidly growing market,” said Greg Barger, NewSpring General Partner. “It has been a pleasure working alongside Bob and his team, who have helped yield a very good outcome for our investors. We look forward to seeing where this next phase takes them.”
Pillar Technology is a technology powerhouse rooted in extreme programming and flourishing in rock-solid code, design thinking and marketing. Pillar works with clients to breathe life into big ideas, delivering industry-disrupting opportunities at lightning speed. From building embedded software for the world’s most powerful science database to creating smart grid platforms for energy efficiency, Pillar has helped a variety of Fortune 500 organizations solve some of the most pressing issues of the 21st century through revolutionary digital solutions. With a focus on delivering high-impact business value, encouraging individual creativity and fostering team collaboration, Pillar Technology exists to unleash your potential. For more information, visit www.pillartechnology.com.