WALTHAM, Mass.–(BUSINESS WIRE)–July 7, 2003–GoldK(R) announced today that Lazard Technology Partners and TH Lee Putnam Ventures have reaffirmed their financial commitment to GoldK by backing a $7million Series C Round, the terms of which are being finalized by the parties. Significantly, GoldK’s Series C round comes amid continued difficulties for many venture capital-backed companies inattracting new funding.
Available through TPAs, financial service advisors and brokers, GoldK delivers a low-cost, efficient platform and corresponding services that greatly reduce the administrative burdens on retirement plan sponsors and enhance the ability of participants and financial advisors to interact with their plan.
“This capital will be used to extend GoldK’s lead in developing a business process outsourcing platform for operational efficiency servicing small and mid-sized retirement plans,” said Jeff Miller, president and CEO of GoldK. “We are particularly proud that this impressive group of investors has been with us before. There can be no greater endorsement of GoldK’s accomplishments and our future than their renewed financial commitment.”
“GoldK continues to make great strides in its growth, vision and recruitment of leading industry executives,” said Manu Rana, principal, Lazard Technology Partners. “GoldK’s high growth rate in a difficult environment for financial service providers attests to the value customers place on the company’s proprietary eTPA(R) platform. The management team is first class and continues to execute on a vision that inspires its customers and investors.”
“GoldK has an outstanding management team to drive it forward into what we believe is one of the most significant business opportunities in financial services,” said Jim Brown, managing director of TH Lee Putnam Ventures. “Clearly, GoldK’s message of better and more affordable retirement plans is taking root in the marketplace as seen by the increasing level of interest from TPAs, plan sponsors and investment advisors. As investors, we’re excited by what the company has achieved and where it is headed.”
TH Lee Putnam Ventures is a technology-focused private equity firm affiliated with Thomas H. Lee Partners, a leading buyout firm, and Putnam Investments, a leading global money management firm. TH Lee Putnam Ventures manages $1.1 billion in capital commitments and has invested approximately $620 million in more than 38 companies since the firm’s formation in 1999.
Lazard Technology Partners has more than $400 million under management, investing in more than 40 companies since its founding in 1998. With offices in New York, Washington, D.C., Boston and London, Lazard Technology Partners is managed by principals with over 60 collective years of experience in the information technology industry.
