MIAMI–(BUSINESS WIRE)–ShiftPixy, Inc. (Nasdaq: PIXY), a Florida-based national human capital provisioning enterprise which designs, manages, and sells access to a disruptive, revolutionary platform that facilitates employment in the rapidly growing Gig Economy, today announced a significant advance in its growth strategy with the receipt of terms for $100 million of commercial financing with Forstmann & Co. Inc., to initiate the first phase of the company’s human capital roll up. This substantial financial injection is earmarked to kick off the first round of strategic acquisitions slated for the first quarter of 2024, marking a significant step in ShiftPixy’s national expansion plans.
Scott Absher, CEO of ShiftPixy stated that “We are very pleased to be working with the Forstmann & Co. Inc., team on this arrangement. This allows us to begin a series of strategic acquisitions we have been preparing which significantly expands our national footprint and technological edge. The financing facility is designed to scale upward throughout 2024 enabling the company to continue its acquisition work through 2025. As followers of the company will recall, we had curated a substantial number of acquisitions in industrial human capital in 2021. We are now on a rapid pace to complete the work we began in 2021.”
Keven Kim, Managing Partner/President of Forstmann & Co. Inc., commented that “We are humbled to work with Scott Absher and the ShiftPixy Team on this opportunity. We are always looking for unique opportunities in existing sectors with potential magnitude of change. This rollup opportunity and the technology platform the company has developed for the human capital industry is a game changer.”
About ShiftPixy
ShiftPixy is a disruptive human capital provisioning enterprise, revolutionizing employment in the Gig Economy by delivering a next-gen mobile platform for workforce engagement and management that helps businesses with shift-based employees navigate regulatory mandates, minimize administrative burdens and better connect with a ready-for-hire workforce curing toxic levels of employee turnover in hourly part time labor. With expertise rooted in management’s more than 30 years of workers’ compensation and compliance programs experience, ShiftPixy adds a needed layer for addressing compliance and continued demands for equitable employment practices in the growing Gig Economy.
About Forstmann & Co. Inc.
Founded in 1967 as Forstmann Leff Associates and it was organized as a private incentivized firm by J. Anthony Forstmann and Joel B. Leff as a private investment partnership with the very specific objective of managing other people’s money intensively for high rates of returns. The firm was one of the first hedge funds in the US. In 1998 Forstmann & Co LLC was formed to provide merchant banking services to its clients. In 2019, Forstmann & Co. LLC was reorganized as Forstmann & Co. Inc., to provide clients with strategic business advisory and services. Based in Los Angeles, today Forstmann & Co. Inc’s goal is to identify and potentially invest early in companies participating in large magnitudes of change for the benefit of its investors and business partners.
