On January 16th, 2018, NewSpring Capital (“NewSpring”), an investment firm managing ~$1.7 billion, announced that its dedicated mezzanine fund made an investment in Pillar Technology Group, LLC (“Pillar”), a software development and digital transformation consultancy focused on emerging technologies including the IoT and connected products. Pillar will use the proceeds to fuel growth including opening new offices and developing IP. Pillar’s revenue grew ~30% in 2017 to ~$50 million, and the company is aiming to continue this high-growth trajectory to top $75 million in revenue for 2018.
Clearsight Perspective: Demand for digital transformation consultancies remains high, especially for those that are able to guide clients through the entire digital transformation value chain from strategy to design to implementation. Capabilities with emerging technologies, such as Pillar’s experience with IoT, cloud, and embedded software further heightens interest from the market.
Read the Deal Profile – New Spring Invests in Pillar Technology