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Acsis Receives $10.5 Million Add’l Capital |
Acsis, Inc., a leader in delivering shop floor process automation and enterprise data collection solutions for the supply chain, received $10.5 million of additional capital to fund its growth strategies and expand its business. Safeguard Scientifics, Inc., which builds value in high-growth life sciences and information technology companies, provided $6 million in follow-on cash, while Acsis increased its line of credit with SVB Silicon Valley Bank to $4.5 million. SVB Silicon Valley Bank is the commercial banking arm of SVB Financial Group.
“Acsis is thrilled to obtain further support from Safeguard as we continue to meet the demands of the growing and dynamic Radio Frequency Identification (RFID) market,” said Steve Selfridge, Chief Executive Officer of Acsis, Inc. “This funding enables us to define an aggressive go-to-market strategy as we continue to develop next generation software applications that improve visibility and efficiency throughout the entire supply chain and discover new ways to help customers increase revenue and reduce cost.”
“We believe that Acsis is very well-positioned in the RFID space and believe this additional capital will enable Acsis to pursue their growth strategies and expand their business,” said John A. Loftus, Executive Vice President and Managing Director, Information Technology, Safeguard. “We anticipate recent RFID mandates from domestic and international retailers, Food and Drug Administration (FDA) and the Department of Defense (DoD) will continue to create long-term demand for Acsis’ products.”
Companies are requiring enterprise-ready solutions that scale to continually growing mandates. Acsis recently launched an End-to-End RFID offering with SAP America, Inc. to help customers understand RFID technology, achieve mandate compliance promptly and affordably and incorporate the technology with minimal impact to existing processes. The Acsis and SAP approach provides a complete platform to start small, scale and derive value through preconfigured analytics.
SAP and Acsis have received multiple accolades in the RFID industry. SAP was ranked 1 in the "Readers Choice Award" for RFID software by Consumer Goods Technology magazine and also received the Early Adopter Award for RFID Software in January 2006. Acsis was named a Top 20 RFID solutions provider by ABI Research.
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