International. OnSSI announces the completion of a $16 million private placement by Seacoast Capital, an institutional investor focused on high-quality companies based in the United States, with Imperial Capital acting as financial advisor and placement agent.
Seacoast's first investment in the company will be used to leverage OnSSI's innovative technologies and reputation in large-scale VMS to extend its reach into the mid-market with an easy-to-install device and expand the Business Video Intelligence (BVI) business of its subsidiary SeeTec GbmH. Given Seacoast's history of supporting high-growth companies, it will also provide OnSSI with access to additional working capital throughout the period of its investment, ensuring that the company can leverage future business initiatives on a global scale, while also providing a structured and strong conservative balance sheet.
"We have never been better positioned to capitalize on our strengths. OnSSI and SeeTec have created a dynamic business proposition by providing architecture-based solutions to serve the global security market and now, with this strategic investment from Seacoast, we are strongly positioned for accelerated growth through our core business and key initiatives," Gadi Piran, President and CTO of OnSSI.
"We were impressed with the superiority of technology and management's dedication and focus on innovation and customer service. As one of the few independent providers of independent VMS of scale, we are excited to be an investor in the company," said Timothy Fay, Partner at Seacoast Capital.
"OnSSI's customer base and potential customers will benefit from the launch of new and innovative solutions that will reach the market in an accelerated timeframe now with seacoast's financial backing. We are pleased to have helped bring these partners together," said John E. Mack III, Executive Vice President and Co-Head of Investment Banking at Imperial Capital.
