Trax Technology Solutions Pte Ltd. revealed that it had concluded its round A financing. The company said the investment it had made was with one of Singapore's biggest private equity funds. Trax Technology Solutions provides fast-moving consumer goods industry with shelf monitoring and in-store auditing solutions. Trax Technology is based in Singapore, but has offices in Germany, Israel, Sweden, Switzerland and Venezuela.
Under the terms of the deal, Trax Technology is to receive an intial cash outlay of US$6.6 million. The deal also comes with an option for a supplemental US$15 million which would become available over the next year and a half. The unnamed private equity fund would also be nominating a member to Trax Technology's board of directors.
The capital will allow Trax to improve its current pace of growth and for the company to augment its leading edge solutions for its clients. "This is a huge vote of confidence in our leadership position in our market, our innovative proprietary technologies and our management team. The influx of funds will enable the company to accommodate the huge demand it is experiencing to serve new markets and territories, as well as to continue to invest in the research needed to sustain our leadership position," Trax Technology Solutions Chief Executive Officer Joel Bar-El said.
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