Jamieson is delighted to announce that it has advised the management team of Pirum in connection with the investment in the business by Hg Capital. As part of the transaction, Bowmark Capital, who acquired a majority stake in 2019, will partner with Hg to support the next phase of Pirum’s growth, with the Pirum management team also retaining a significant stake in the business.
Pirum was founded in 2000 to provide advanced, centralised and secure reconciliation services for financial market participants. Pirum’s software provides a secure processing hub which seamlessly links industry participants, allowing them to process and verify key transaction details electronically. This delivers significant trade and collateral efficiency, lowers costs and enhances regulatory compliance for its network of clients. Pirum’s products assist 90 of the most prestigious global financial institutions to process over $3 trillion of transactions daily. Since Bowmark invested in Pirum in 2019, the business has successfully rolled-out a leading regulatory reporting offering, while building a suite of new products automating collateral management, repo, and front office activities. Hg’s financial services technology credentials and international footprint will enable Pirum to further drive workflow automation, address regulatory requirements, and enhance innovation across the sector.
Commenting on the announcement, Philip Morgan, Chief Executive Officer at Pirum, said: “This is a significant milestone in our journey, and is welcome news for everyone at Pirum. Together with Bowmark, Hg will actively support Pirum’s global expansion and investment in additional innovations, helping us to deliver further efficiency and productivity gains for our customers and the broader industry eco-system.”
The transaction is subject to regulatory approvals.
Stuart Coventry, David Kirkpatrick and Billy Henson advised the Pirum management team on the transaction.