DALLAS - P10 Inc (NYSE: NYSE:PX), a company specializing in private market solutions with a market capitalization of $1.57 billion, today announced the appointment of Mike Goodwin as its new Chief Information Officer (CIO). The announcement comes as the company's stock trades near its 52-week high of $14.28, having delivered an impressive 75.5% return over the past six months. According to InvestingPro, the company maintains strong liquidity with a current ratio of 1.66. Effective immediately, Goodwin will be at the helm of the firm's data, technology, and infrastructure functions.
The new CIO brings over twenty years of experience in information management to the table, with a background that includes roles such as Chief Technology Officer and Chief Information Security Officer for a private equity real estate investment manager. His expertise spans data strategy, cybersecurity, and technology strategy implementation.
Chairman and CEO of P10, Luke Sarsfield, expressed confidence in Goodwin's ability to drive innovation and enhance the company's operational and technological capabilities. Sarsfield emphasized that Goodwin's leadership is expected to fortify the firm's client services and promote innovation throughout the organization.
Goodwin, who holds a Bachelor of Science in Economics and Finance from Bentley University, will oversee key initiatives such as data aggregation, performance metrics, and the strategic application of artificial intelligence to firm-wide data. His appointment is part of P10's ongoing efforts to strengthen its technology and data strategy, crucial for the firm's growth and efficiency in serving a global investor base.
P10 Inc, known for its multi-asset class private market solutions, serves a diverse and widespread investor clientele, including some of the world's largest pension funds, endowments, foundations, and financial institutions.
The information in this article is based on a press release statement from P10, Inc.
In other recent news, P10 Inc has been making notable strides in the investment management sector. The company's third-quarter results for 2024 showcased a significant 26% year-over-year revenue increase, surpassing estimates by about 11%. Additionally, P10 Inc's EBITDA exceeded forecasts by nearly 30%, with a reported EBITDA margin of 47.6%, well above the 40.7% anticipated by analysts.
In terms of mergers and acquisitions, P10 Inc recently announced the acquisition of Qualitas Funds, a move expected to expand the company's European presence and investor base. This development is in line with the company's strategic growth plan, which has already seen the firm raise and deploy $2.9 billion year-to-date, exceeding the full-year guidance.
Financial services firm Stephens has shown confidence in P10 Inc's performance, maintaining an Overweight rating on the company's stock and raising the price target to $13 from the previous $12. Stephens also anticipates a positive outlook for P10 Inc, especially with the addition of $1.4 billion in gross new fee-paying assets under management.
Moreover, P10 Inc is aiming to double its fee-paying assets under management by 2029, focusing on organic growth and value-creating mergers and acquisitions. The company's management remains optimistic about future growth and margin expansion, targeting mid-40s to near 50% over the long term. Lastly, P10 Inc declared a quarterly cash dividend of $0.035 per share, reflecting its disciplined capital allocation strategy.
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