Pamlico Capital Announces Growth Investment in Veson Nautical
BOSTON, Feb. 1, 2017 /PRNewswire/ -- Pamlico Capital ("Pamlico") and the management team of Veson Nautical LLC ("Veson" or the "Company") announced today that Pamlico has completed a growth investment in the Company. Co-founder and CEO John Veson, along with COO Sean Riley and other management team members, will maintain significant ownership in Veson and will continue to manage the growth of the Company with support from Pamlico. Further transaction details have not been disclosed.
Headquartered in Boston, Massachusetts and founded in 2003, Veson Nautical's rise to its market-leading position was driven by 13 consecutive years of growth supported by an expanding portfolio of successful client implementations spanning all verticals within commercial maritime. Veson's flagship integrated solutions (IMOS and Veslink) form the leading technology platform for buyers and sellers of marine freight, and create a unique community of users through which to collaborate and share mission critical voyage and vessel data. With offices in Boston, London, and Singapore, Veson serves over 8,000 users at more than 200 clients.
"We believe Veson is well positioned for future growth by continuing to provide best-in-class software solutions to maritime organizations around the world," said John Veson, co-founder and CEO. "Our team is proud of our success to date and is excited to bring in Pamlico as our first institutional equity partner. We plan to leverage their extensive experience investing in the software sector and successful history of supporting founder-owned businesses to accelerate our company's growth and continue our core mission of propelling maritime commerce."
"Pamlico seeks to invest in leading vertically-focused software companies, and Veson is no exception," said Walker Simmons, Pamlico Partner. "John and the Veson team have built the leading commercial maritime operations software platform for a loyal base of clients, for whom they are solving increasingly complicated freight trading problems." Pamlico Partner Eric Wilkins added, "Our investment will allow Veson to accelerate core product innovation, as well as to expand into other closely related adjacencies. The shipping market is a complicated ecosystem of charterers, ship owners, operators, traders, and freight brokers, and Veson is uniquely positioned to transform the constant flow of maritime data into actionable insights." Veson Nautical is the fourteenth investment in Pamlico Capital III, a fund with $650 million of committed capital.
Veson was represented by Harris Williams & Co. (financial advisor) and Cooley LLP (legal advisor). Pamlico was advised by Alston & Bird LLP (legal advisor).
About Veson Nautical
Founded in 2003, Veson Nautical is the leading provider of commercial maritime operations software and services. The company's integrated solutions foster collaboration and communication, enabling the world's leading shipping organizations to optimally manage voyage chartering, operations, financials, and risk. The Integrated Maritime Operations System (IMOS), Veson's flagship solution, enables faster and more strategic decision making, allowing clients to realize revenue growth, protect voyage P&Ls, and optimize performance. The Veslink web platform connects voyage charterers and operators with their vessels and counterparties through a dynamic network of data sharing and market analytics. With its focus on constant innovation and customer service, and with offices in Boston, London, and Singapore, Veson serves over 8,000 users at more than 200 leading maritime organizations worldwide. For additional information, please visit www.veson.com.
About Pamlico Capital
Pamlico Capital is a private equity firm founded in 1988 that primarily invests in growing middle-market companies in North America. Pamlico Capital seeks control-oriented growth equity investments of up to $100 million alongside founders and proven management teams in its target industries; business & technology services, communications, and healthcare. Since inception, the firm, based in Charlotte, NC, has invested over $2.5 billion. For additional information, please visit www.pamlicocapital.com.
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