Peridrome announces closing of Series A financing led by Milestone Venture Partners

 

CONTACT: Gib Veconi, Peridrome Corporation (877) 363-7770 x101

                 Emily DeSantis, New York State Common Retirement Fund (518) 474-4015

 

 

NEW YORK, April 30, 2008 – Peridrome Corporation, a leading provider of business process management solutions to the wealth management industry, today announced a $1.1 million Series A financing round led by New York-based Milestone Venture Partners. The New York State Common Retirement Fund participated in the financing through a fund managed by Milestone.

 

Peridrome will deploy the capital raised to further develop and extend its suite of business process management products, expand its marketing efforts and grow its sales and services organizations. Peridrome’s software solutions enable investment managers, broker-dealers, and service providers to build scalable service operations for investment products such as separately managed accounts, unified managed accounts and mutual fund and ETF advisory accounts.

 

“We recognized that Milestone’s understanding of financial technology, their operational depth, and their enthusiasm for the opportunity to create value in the managed solutions space, would make this an ideal partnership for Peridrome and our customers,” said Gib Veconi, CEO of Peridrome. “We’re delighted to have the support of such an experienced and agile team.” Concurrent with the financing, Todd Pietri of Milestone has joined the company’s board of directors.

 

Assets in managed account investment products, which currently are over $1.5 trillion, are expected to continue to climb at a rate of 15% to 20% per year. As the number of investors has skyrocketed, existing manual and paper-based client service processing has been identified by industry analysts as a barrier to the future growth of advice-driven investments. Using Peridrome’s solutions, firms can eliminate re-keying of data, automate exception-based process flows, and monitor the status of client request fulfillment, dramatically increasing operational efficiency and improving the quality of client service.

 

“Peridrome is the first to market with an advanced straight-through processing platform for wealth management operations,” said Milestone’s Pietri. “Other segments of the securities industry, like institutional trading and retail investing, have absorbed huge increases in transaction volume through the use of similar technologies, while enhancing the level of service to the customer. Peridrome’s usage-based license model allows large and mid-size wealth management firms to make the transition to automated processing without a large, upfront investment or a lengthy internal development effort.”

“Our investment in Peridome is a perfect example of how the New State Common Retirement Fund helps to foster the growth of new businesses in New York State while doing well for the pension fund,” said New York State Comptroller Thomas P. DiNapoli. “We are continuously looking for investment opportunities that benefit companies in New York as well as our state’s retirees.”

About Peridrome
Peridrome Corporation offers leading providers of wealth management services strategic and tactical analysis, technical expertise, and software solutions that enable them to build operational scalability, increase business efficiency, and improve the customer experience of the investors they serve. For more information on Peridrome, visit www.peridrome.com.

About Milestone Venture Partners
Located in New York City, Milestone Venture Partners is a venture capital fund with a focus on capital efficient, technology-enhanced service businesses in the Greater New York region.  Areas of expertise include media, marketing services, healthcare IT, and financial services IT. For more information, visit www.milestonevp.com.