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Home / Knowledge / News / Information Technology / TAGSYS secures €8 million in venture funding
TAGSYS secures €8 million in venture funding
18
Mar '10
TAGSYS, the leading provider of item-level RFID infrastructure, announced that it has secured €8 million ($12 million USD) in new investment, led by current investors Elliot Advisors, Endeavour Vision, Add Partners, DFJ Esprit and Saffron Hill. TAGSYS will use the funds to expand its distribution channels, help partners secure new markets, and continue to develop UHF and HF solutions optimized for item-level applications for a variety of markets including Library, Textile Services, Brand & Fashion and Healthcare.

“2009 was a year of successes for TAGSYS. While increasing revenue, and closing major projects, we improved operational efficiency by 40% and established processes that assure our customers and partners superior levels of quality, delivery and solution reliability,” said Alain Fanet, CEO of TAGSYS. “The new funding will accelerate our partner network expansion and new market development, while reinforcing our strong competitive position by launching leading-edge solutions for item level applications.”

“Item-level RFID implementations are growing in supply chain, asset tracking, consumer goods, retail and other industries because they provide real value by helping companies cut costs, enhance customer experiences and grow sales,” said Andrew Nathanson, Director of Research Operations at VDC Research. Companies like TAGSYS who can meet customer needs in multiple markets by bringing together appropriate technologies and business partners are well positioned to grow in the current adoption climate.”

Leveraging a global network of business partners including systems integrators, independent software vendors and VARs, TAGSYS' business model provides complete purpose-built infrastructure to customers. This go-to-market strategy has led to wins in several major applications throughout the past year, including item-level supply chain projects with Fashion Apparel firms Rica Lewis and Serge Blanco. The companies use TAGSYS solutions to track millions of clothing items, and to manage in-store inventory at leading European retailers including Carrefour, Auchan and Intermarché.

“After years of over-hyped expectations, the RFID market has reached a stage of maturity where customers are focused on the proven tangible benefits of RFID and using practical, real-world solutions to gain competitive operational advantage” said Bernard Vogel of Endeavour Vision. “Industry leading RFID solutions-based companies such as TAGSYS are at the forefront in delivering this competitive advantage to leading companies around the globe.”

TAGSYS


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