Bowmark Capital backs Pirum buy-out 18 March 2019London Reporter: Maddie Saghir
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Bowmark Capital is backing the buy-out of Pirum Systems from Five Arrows Principal Investment.
The transaction is subject to regulatory approval and is expected to be complete in April this year.
Rajen Sheth, Pirum鈥檚 CEO, commented: 鈥淚t has been a pleasure for my colleagues and I to have worked closely with the Five Arrows team under whose stewardship we have accelerated our record of new product development and solidified our position of technology leadership.鈥�
鈥淭his is a really exciting time for Pirum and I am delighted to be teaming up with Bowmark as we progress to the next phase of our development. We look forward to continuing our tradition of innovation and service excellence to help our clients exploit the opportunities and navigate the challenges of an ever-changing marketplace.鈥�
Bowmark managing partner, Julian Masters cited: 鈥淭welve years of uninterrupted revenue growth is a great testament to Pirum鈥檚 management team. Having known the company since 2011, we are delighted to be backing Sheth and his colleagues as they capitalise on the significant opportunities opened up by continued product innovation and regulatory change.鈥�
He continued: 鈥淲e are also delighted to be working with Pirum鈥檚 chairman, Donal Smith, and its founder and non-executive director, Rupert Perry, both of whom will continue in their current roles. Previously, Smith was chief executive of Data Explorers when it was backed by Bowmark.鈥�
Javed Khan, co-managing partner of Five Arrows Principal Investments, added: 鈥淧irum has all the virtues of the type of business we proactively target: a mission-critical offering with a record of creating tangible value for its customers through thoughtful use of technology.鈥�
鈥淚t has been a privilege for us to work with Sheth, Smith and Perry over the past four years during which time Pirum has extended its real-time product into collateral and exposure management as well as compliance reporting. We wish the management team and the new owners the best for the next stage of the company鈥檚 evolution.鈥�
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