“With the additional strategic capital Pharos will provide to support accelerated growth of the business, we will focus on continued enhancements to our VisiblEdge RFID lift truck solution and hiring new talent to support our growing client base.”
Nashville, Tenn. and Kansas City, Kans. (PRWEB) November 16, 2009
Pharos Capital Group, LLC of Nashville and Dallas (http://www.pharosfunds.com) and Rush Tracking Systems (http://www.rushtrackingsystems.com), an industry-leading RFID business process consulting and systems integration company, today announced Pharos’ acquisition of Rush Tracking Systems and investment of strategic capital in the company. Terms were not disclosed.
Rush Tracking will continue to operate out of its headquarters in Kansas City, Kansas, and all members of management, as well as current engineering and delivery staff, will remain in place.
“The addition of Rush Tracking Systems to our portfolio represents a true vote of confidence in the company’s management team, service and product innovation, expanding client base, and growth potential for Rush Tracking Systems and the RFID industry,” said Jim Phillips, partner of Pharos Capital Group.
Phillips continued, “We look for companies with proven management teams who have delivered consistent revenue growth and strong cash flow by offering proven product sets to marquee customers in large growth market opportunities. Rush Tracking Systems is a highly trusted brand in RFID-enabled supply chain solutions and has tremendous growth potential driven by their ROI focused business consulting services and VisiblEdge RFID-enabled lift truck solution.”
“The acquisition provides a strong financial return to our original investors, as well as a great growth opportunity for Pharos as they benefit from the potential of our team, business model, and solution sets,” said Toby Rush, president of Rush Tracking Systems. “With the additional strategic capital Pharos will provide to support accelerated growth of the business, we will focus on continued enhancements to our VisiblEdge RFID lift truck solution and hiring new talent to support our growing client base.”
Rush continued, “We remain dedicated to growing revenue by delivering value to our customers, and committed to our mission to be the leading supply chain solution provider of tracking systems to constrained manufacturing and warehouse operations.”
"The acquisition serves as further validation that end-to-end RFID solutions are viewed as critical to market development and end-user adoption," said Michael Liard, practice director, RFID for ABI Research. "Across industries, companies are increasingly looking for innovative, effective and reliable total solutions from companies like Rush Tracking to increase productivity and reduce costs as well as deliver business process improvement across operations."
Rush Tracking’s RFID enabled lift truck solution, VisiblEdge™, simplifies warehouse operations by eliminating operator barcode scanning, wasted labor and errors. VisiblEdge combines automatic load identification with real-time indoor positioning technology to enable real time tracking of material handling assets and the goods they transport. The solution automatically identifies each load with no operator intervention, and then tracks the load and the lift truck in real time to within a few inches. Enabling a whole new level of warehouse and manufacturing optimization, VisiblEdge can be utilized to improve labor productivity, inventory accuracy, cycle time, safety, and quality and to reduce lift truck fleets and associated costs, such as maintenance and spare parts.
About Rush Tracking Systems
Rush Tracking Systems provides world-class RFID systems integration and business process consulting services for organizations looking to maximize the business value and performance of investments in RFID tracking technologies. The company offers unsurpassed RFID technical expertise and market-proven products from the industry’s leading manufacturers.
As RFID industry veterans, Rush Tracking has the experience and integrity to recommend, build and deliver the right tracking solutions to meet clients’ business needs. The company has proven expertise in industrial manufacturing, aerospace and defense, automotive, pharmaceutical, consumer packaged goods, retail, and petrochemical industries. Call (913) 227-0922 or visit http://www.rushtrackingsystems.com.
About Pharos Capital Group, LLC
Based in Dallas and Nashville, Pharos Capital Group (http://www.pharosfunds.com) currently has $600 million in capital under management. Pharos primarily invests in companies seeking growth and later stage equity funding for internal growth, acquisitions, management buyouts or recapitalizations across industry sectors, with particular focus on healthcare, business services and applied technology.