OnSSI secures US$16M in funding
OnSSI announced the completion of a US$16-million private placement by Seacoast Capital, an institutional investor, with Imperial Capital acting as financial advisor and placement agent.
According to the company, Seacoast’s first investment in the company will be used to leverage OnSSI’s VMS technology to extend its reach into the middle market and to expand the Business Video Intelligence (BVI) business of its affiliate, SeeTec GbmH. It will also provide OnSSI with access to additional working capital over the entire term of its investment.
“We have never been better positioned to support our global customers. OnSSI and SeeTec have created a dynamic business proposition by providing leading open architecture based VMS and BVI solutions for the security and logistics markets respectively, and now with this strategic investment by Seacoast, we are strongly positioned for accelerated growth through our core business and key initiatives,” said Gadi Piran, President and CTO, OnSSI, in a statement.
“We were impressed with the superiority of the technology and management’s dedication and focus on innovation and customer service. As one of the very few remaining independent VMS providers of scale, we are excited to be an investor in the company,” said Timothy Fay, Partner, Seacoast Capital.
“OnSSI’s marquee customer base and prospective customers will benefit from the launch of new and innovative solutions that will come to market on an expedited timeline now with Seacoast’s financial backing. We are pleased to have assisted in bringing these partners together,” said John E. Mack III, Executive Vice President and Co-Head of Investment Banking, Imperial Capital.
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