OnSSI announced the completion of a $16 million private placement by Seacoast Capital, an institutional investor focused on high quality companies based in the U.S., with Imperial Capital acting as financial advisor and placement agent.
“The financing we received from Seacoast Capital, a leading institutional investor, recognizes the OnSSI Group’s innovative video surveillance solutions and business potential,” Yoav Millet, CFO, OnSSI Group, told Security Systems News. “Seacoast Capital has a history of supporting high growth enterprises and has a great deal of experience in the security industry.”
“We have never been better positioned to support our global customers,” Gadi Piran, president and CTO, OnSSI, said in the announcement. “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.”
Seacoast will also provide OnSSI with access to additional working capital over the entire term of its investment, ensuring the company can take advantage of future business initiatives on a global scale, while also providing for a conservatively structured and strong balance sheet.
“We were impressed with the superiority of the technology and management’s dedication and focus on innovation and customer service,” Timothy Fay, partner, Seacoast Capital, said in the announcement. “As one of the very few remaining independent VMS providers of scale, we are excited to be an investor in the company.”
Seacoast’s first investment in the company will be used to leverage OnSSI’s “innovative technologies and reputation” in large scale VMS to extend their reach into the middle market with an easy to install appliance and to expand the Business Video Intelligence (BVI) business of its affiliate, SeeTec GbmH, according to the company.
“The OnSSI Group now has additional resources to expand the company and build on its industry leading VMS technologies,” Millet said. “The financing also positions us to ensure that our customers will continue to benefit from the highest level of product innovation, service and support. Additionally, it allows us to expand our cloud-based solutions program, Business Video Intelligence initiatives and appliance-based products. In parallel, we will be accelerating our marketing efforts, serving the needs of clients in key vertical segments globally,”
John E. Mack III, executive vice president and co-head of investment banking, Imperial Capital, said in the announcement, “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.”