Harford County event tech company CadmiumCD has new majority ownership after Palo Alto, California-based private equity firm Symphony Technology Group (STG) made a majority investment in the company. Financial details were not disclosed.
Founded in 2000 by wife-and-husband team Michelle Wyatt and Peter Wyatt, CadmiumCD makes software used for events put on by associations and businesses, such as annual meetings, conferences and trade shows. It’s designed for content management and sharing data. The company is a four-time Inc. 5000 honoree, most recently posting 107% growth.
“During our initial conversations, we realized that STG shared our vision for CadmiumCD,” Michelle Wyatt said in a statement. “They spent time interviewing our clients, understanding our business philosophy, and discussing how we might grow our offerings to help clients achieve greater success. We believe that STG’s investment strategy, which puts people and product innovation first, is a perfect fit for our company.”
It’s the first time the company has taken outside funding. With the investment, Michelle and Peter Wyatt will remain in the CEO and COO roles, respectively. The Forest Hill-based company employs more than 70 people, and will remain headquartered there.
STG Managing Partner William Chisolm said the company is “positioned for expansion in a large and underpenetrated market.”
That will include building out the technology’s capabilities further. It will also mean hiring, as the company is looking to expand by about 20 people over the next year.