Pharus Advisors assisted the company in a financing process among both growth equity and mezzanine capital providers, emphasizing Velocity unique strengths and strong growth prospects.
Pharus began the financing process in April 2005 and closed the transaction in November 2005. The growth financing was structured as Senior Subordinated Notes with nominal equity dilution.
Velocity, headquartered in New York, NY, is a profitable enterprise applications management services and IT consulting service provider to medium and large sized companies. Velocity has an 18 year history of providing IT consulting services for enterprise applications including Lawson and Oracle/JD Edwards EnterpriseOne and has been a provider of premier application management services since 2003.