NEW YORK, Feb. 08, 2021 (GLOBE NEWSWIRE) -- On January 1, 2021, Port. Prerogative Club, a Delaware Corporation (“Port.”), acquired the license of technology developed by Blackbird Logical Applications, LLC (“Blackbird.io”). The license includes a royalty and a cash payment of up to $50 million in the event Port. chooses to purchase the technology. The license terminates in the event of non-use of the technology with an agreed upon period of time. Ilya Podolyako, the founder of Blackbird.io, released the underlying source code to the public under a GNU General Public License 3.0 license at bbio.fogbugz.com.

Mr. Podolyako founded Blackbird.io in 2014. The company went on to release a fund administration and portfolio monitoring platform tailored to private market investors. Blackbird.io successfully piloted its software with over a dozen institutions and won paying enterprise clients on both coasts.

Blackbird.io pioneered the use of AI to solve the hardest problem in finance: interpreting unstructured data. The company built an expert system and object library that mapped spreadsheets to concepts. Blackbird.io then wrapped the technology in a SaaS interface tailored to the needs of investment professionals in credit and PE. Mr. Podolyako and Co-Founder Peter Hua hired engineers from MIT, Harvard, and University of Chicago to support the technology as Blackbird.io grew.

Mr. Podolyako started his investing career as an analyst at Colbeck Capital Management, an early special situations fund. At Colbeck, Mr. Podolyako participated in sourcing, pricing, and diligence for credit and private equity deals. He later became Managing Director and Head of North American Operations for the family of Matthew Bronfman, heir to the Seagram fortune. While at Bronfman, Mr. Podolyako built a PE business across 3 cities on 2 continents in 6 months. Mr. Podolyako holds a J.D. from Yale Law School, where has was President and co-founder of the Yale Law & Business Society and member of the Domestic Violence clinic, and a B.A. from the University of Michigan, where he earned a merit scholarship, joined Phi Beta Kappa as a junior, and earned a triple major in Linguistics, Psychology and Economics, with Highest Honors. Mr. Podolyako is a member of the bar. The Working Group makes investments in debt and equity.

Port. operates an online platform that tracks news about private companies.

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