September 26, 2022
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Private Equity Invests in Financial Services Technology Provider Pico

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Private equity firm Golden Gate Capital has invested $200 million in Pico, a provider of technology services, software, data and analytics for the financial sector. The deal’s valuation was not disclosed.

This is technology investment deal number 636 that ChannelE2E has covered so far in 2022. See more than 1,000 technology M&A deals involving MSPs, MSSPs & IT service providers listed here.

In addition to Golden Gate Capital, existing Pico investors and clients include Goldman Sachs Asset Management, Wells Fargo Strategic Capital, J.P. Morgan, UBS, CE Innovation Capital, DRW Venture Capital, Intel Capital, Singapore-based global investor EDBI, Nomura and Chicago Trading Company.

Pico Pursues More FinTech Acquisitions

Pico will leverage the new investment to “pursue strategic M&A opportunities,” the company indicated.

Pico has M&A experience. The company previously acquired trading and enterprise analytics solution Corvil Analytics in 2019, and Redline Trading Solutions in January 2022.

Pico, founded in 2009, is based in New York, New York. The company has 385 employees listed on LinkedIn. Pico has built a financial services trading cloud infrastructure, connectivity, data, software and analytic solutions that spans 55 data centers. The infrastructure spans market centers in the Americas, Europe and Asia.

Pico has 430 clients, including the top 25 global banks, 39 exchanges, electronic market makers as well as asset managers, Pico indicated.

Private Equity and FinTech Investment: Executive Perspectives

In a prepared statement about Golden Gate’s backing, Pico CEO Jarrod Yuster said:

“We have made significant investments in global expansion, product innovation, operational excellence and in our organization, thereby laying the foundation to support the next wave of substantial growth. We are thrilled to have Golden Gate Capital as an investor and strategic partner supporting us to continue leveraging our leading global technology and data platform to provide additional services for our clients. Golden Gate Capital’s deep financial services experience and track record of successful acquisitions at their portfolio companies will help advance our strategy.”

Concluded Dan Haspel, a managing director at Golden Gate Capital:

“Pico is an impressive company, underscored by a compelling portfolio of technology services, sophisticated client network, unparalleled client experience and proven M&A track record. We look forward to partnering with Jarrod, the Board and the rest of Pico’s management team to accelerate the Company’s momentum by pursuing additional acquisitions and making additional investments in the business that enable Pico to deepen its leadership in the market and continue to capture additional growth opportunities.”



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