AVANT, a platform for IT decision-making and the nation's premier distributor for next generation technology, today announced a strategic growth investment from Pamlico Capital. The investment will drive further expansion and scale for our business and that of the Trusted Advisor. Co-founder and CEO Ian Kieninger, co-founder and President Drew Lydecker, and the management team will maintain significant ownership in AVANT and continue to manage the growth of the company. Further transaction details were not disclosed.
"The timing is right to partner with Pamlico Capital, who understands AVANT's growth potential in our industry and is aligned with our culture, values and mission to be the global leader in powering next-generation technology decisions," said Kieninger. "The speed of digital transformation is only increasing and solutions are more complex and evolving faster than ever before, meaning that the expertise provided by AVANT's Trusted Advisors is at its highest level of demand. Through this investment, and the network, resources and expertise of Pamlico, AVANT is positioned to not only meet that demand today but support our system for the IT decision-making landscape of the future."
Since its founding in 2009, AVANT has proudly helped lead and support the rapid acceleration and growth of the emerging technology market in its home market of Chicago. The company has experienced 62% employee growth over the last two years and plans to further increase hiring for the remainder of the year into 2021. This growth is a reflection of today's fast changing technology market and the need for assistance with IT decision-making. In the first half of 2021, AVANT's average deal size increased 66% with UCaaS, 79% with security and 66% in cloud.
"I'm extremely proud of the accomplishments and progress our AVANT team has made over the past decade. We've developed a strong reputation for providing top level service and being a true partner to CIOs and IT decision-makers across the globe. Through this investment, however, our mission does not change. Rather, it represents a tremendous opportunity to enhance our support and further enable our Trusted Advisors to cement our position as the leader in the market for years to come," said Lydecker.
Pamlico Capital, a private equity firm based in Charlotte, North Carolina, was founded in 1988 and invests in growing middle market companies. The firm provides capital and trusted partnership to the companies in which it invests within the business & technology services, communications, and healthcare industries.
"Given the rapid pace of change and innovation in today's technology landscape, we are big believers in the mission of AVANT and its Trusted Advisors," said Scott Stevens, Partner at Pamlico. "Ian, Drew and the entire AVANT team have built an impressive company in which we are proud to invest." Andrew Tindel, Principal at Pamlico added, "With its innovative platform and rapidly growing ecosystem of Trusted Advisors, AVANT has tremendous momentum. Pamlico is committed to partnering with the AVANT team and providing new resources to accelerate this momentum in building the market's leading distributor for next generation technology."
Guggenheim Securities, LLC served as exclusive financial advisor to AVANT.
AVANT is a platform for IT decision-making and the nation's premier distributor for next-generation technologies. AVANT provides unique value to its extensive network of Trusted Advisors with original research, channel sales assistance, training, and tools to guide decision-making around IT services that promote business growth. From complex cloud designs to global wide-area network deployments to the latest in security services, AVANT sets the industry standard in enabling its partners and clients to make intelligent, data-driven decisions about services, technology and cost-effective communications. For more information, visit www.goavant.net, or connect on Twitter and LinkedIn.
Pamlico Capital is a private equity firm founded in 1988 that invests in growing middle market companies in North America. Pamlico Capital seeks control-oriented growth equity investments of up to $200 million alongside founders and proven leaders in its target industries: business & technology services, communications, and healthcare. The firm, based in Charlotte, NC, has assets under management of approximately $4 billion. For additional information, please visit www.pamlicocapital.com.
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