publish NexGen purchase, Austin instrument firm Pivot3 Raises $55M
Austin — instrument company Pivot3 as of late closed on $ fifty four.6 million in fairness and financial institution financing.
Pivot3 sells software for computing, reminiscence, and storage on a “commodity priced” hardware server— inexpensive internet-primarily based storage in addition to computing energy to companies ranging from casinos to correctional departments and aviation authorities. .
buyers incorporated Argonaut personal fairness in Tulsa, adequate and Austin-based S3 Ventures.
after I remaining spoke to Pivot3’s CEO Ron Nash in late 2013, the corporate had raised about $ 100 million. today, he tells me, that number is nearer to $ 200 million. Is an IPO within the works?
“Yeah, but it’s now not going to each time soon with how the market is as of late,” he says. “no one’s IPO’ing now.”
Nash says the company will use the brand new money to make bigger its roster of instrument engineers and sales and marketing workforce, as well as to advance new applied sciences.
The added monetary flexibility is especially key as Pivot3 just lately achieved its acquisition of NexGen Storage, a Louisville, CO computer knowledge storage firm. on account of the merger, Pivot3 now has about 2,000 customers in 53 countries, Nash says.
“we are exploring some joint products which are coming out of each of our former applied sciences,” Nash says. “We’re striking the businesses together.”
in reality, Pivot3 now has a building team double its measurement earlier than the acquisition. “That’s a real asset in these days’s world,” Nash says. “I wanted every a kind of NexGen individuals. The acquisition used to be undoubtedly a technique for us to get extra gifted folks.”
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