P&H Solutions was a pioneer in the development of Web-based cash management solutions. Boston Millennia Partners initially invested $5.1 million as the lead investor in the company’s first round of venture capital investment in February, 2000. In total, Millennia invested $8.9 million in P&H for a 38% ownership interest in the company. The company emerged as the leading private company in this sector, selling its software as a service (SAS) solution to large financial institutions. At the time of exit, the company was sold at a multiple of 4.4X revenues. The company was sold to ACI Worldwide (Nasdaq GS: ACWI) in 2006 for $156 million. At the time of exit, the company’s customer list had grown to over 100 companies, including 12 of the world’s top 25 banks. We realized a 6.1X return on Millennia’s $8.0 million investment.