TECSYS concludes $10 million financing agreement
Following increased demand, company pursues growth opportunity.
in the NewsState of Logistics 2016: Pursue mutual benefit Shippers encourage East Coast dockside labor to work with management…before it’s too late Signs of economic improvements are evident but there is a way to go FTR Shippers Conditions Index notes rate and supply trouble may be coming in 2017 Cranes going higher at Port of Oakland’s largest marine terminal More News
TECSYS, a leading supply chain management software company, announced today that it has completed a financing agreement of up to $10 million with the National Bank of Canada to support the Company’s growth.
The $10 million financing agreement includes a five-year $5 million term loan and a $5 million operating line of credit.
“Over the last eighteen months we have experienced a significant increase in demand for our software and services resulting in the growth of our backlog, human resources and associated capital infrastructure,” commented Peter Brereton, president and CEO of TECSYS. “We have also accelerated our investments in R&D. The financing agreement we have just concluded will provide us with the added liquidity necessary to take advantage of the current growth opportunity.”
About the AuthorJosh Bond, Senior Editor Josh Bond is Senior Editor for Modern, and was formerly Modern’s lift truck columnist and associate editor. He has a degree in Journalism from Keene State College and has studied business management at Franklin Pierce University.
Subscribe to Modern Materials Handling Magazine!Subscribe today. It's FREE!
Find out what the world’s most innovative companies are doing to improve productivity in their plants and distribution centers.
Start your FREE subscription today!
Automated Storage on the Move Receiving 101: Setting the Table for Success View More From this Issue