Craig Netterfield, Wellington Financial: Pivot Raises $3.5M In Debt

August 9, 2010

Wellington Financial has provided a US$3.5 million debt financing commitment to Pivot of Jersey City, NJ, the provider of liquidity management and collaboration software to the financial markets. The financing will support Pivot's growth as an increasing number of trading desks turn to Pivot to significantly boost their trading profits. Pivot's venture capital investors include Boldcap Venture Partners, Draper Fisher Jurvetson Gotham Ventures, EPIC Ventures, Eze Castle Integration, Hudson Ventures, and Softbank Capital.

"Thousands of trading professionals use Pivot's suite of tools to streamline communications, collaboration and liquidity management. The resulting increased speed in locating and acting on trading opportunities serves to drive profitability," said Craig Netterfield, Senior Vice President at Wellington Financial. "Pivot is our fourth U.S. northeast VC-backed debt financing over a short period of time, which speaks to our commitment to provide non-amortizing True Growth Capital in this key North American high tech region."

The Pivot platform directly increases the revenue and profitability of trade desks, allowing brokers and traders to easily locate liquidity, negotiate trades, and seamlessly integrate pre-trade information with pricing, analytics, execution, and clearing systems. Pivot helps convert trading operations from an inefficient mix of phone calls, emails, and IMs into a shared trading screen that combines personal interactions with electronic trade data exchange. Traders find relevant liquidity, price faster, and analyze indicative market movements in real-time more easily with global, electronic workflows. Brokers benefit by completing more deals faster, while providing higher levels of service to customers.

"The opportunity for Pivot to transform inefficient markets is tremendous. Having a smart, experienced financial partner like Wellington Financial means that Pivot will have the resources and flexibility to support our growth objectives," said John Eley, CEO for Pivot Inc. "I'm excited to add such a strong partner like Wellington to the team."