Following a reverse takeover, Pivot Technology (Pivot Technology Stock Quote, Chart, News: TSXV:PTG) began trading on the TSX Venture Exchange today.
The Carlsbad, California-based company, which was founded by former Apple CEO John Sculley in 2010, says it is already one of North America’s biggest multi-vendor solutions providers, with more than 2000 clients.
Pivot CEO Greg Gallagher said flexibility is the key to the company’s business model.
“With an expanding network of over four hundred vendors, we are able to source the best and most appropriate technologies for the design of any particular technology solution, rather than being beholden to a single brand. For our clients, dealing with only one solutions provider, significantly reduces complexity, and increases efficiency of the investment and transformation process. At the same time, clients are able to achieve the optimal solution for their specific challenge. This approach positions Pivot uniquely in an underserved niche of the market, and clearly has found resonance with clients, allowing us to achieve critical mass quickly.”
Pivot raised $3.5 million in a private placement, priced at $0.80 per common share, changing the name and rolling back the shares of a shell called Acme Capital Corp.
Sculley, who became a board member of Pivot last week, owns 16.6% of the company. The 73-year old became CEO of Apple on April 8, 1983, and held the position for ten years. Sculley was famously lured from Pepsi by Steve Jobs, who asked him “Do you want to sell sugar water for the rest of your life, or do you want to come with me and change the world?”.
At press time, shares of Pivot Technology were up 56.3% to $.50.