PEARL RIVER, N.Y. — On-Net Surveillance Systems (OnSSI) announces it has completed a $16 million private placement by Seacoast Capital, a lower middle market non-control equity and debt investor, with Imperial Capital acting as financial advisor and placement agent.
Seacoast says its 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.
“We have never been better positioned to support our global customers. 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,” says Gadi Piran, president and CTO, OnSSI.
Seacoast will also provide OnSSI with access to additional working capital over the entire term of its investment to ensure 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. As one of the very few remaining independent VMS providers of scale, we are excited to be an investor in the company,” says Timothy Fay, Partner, Seacoast Capital.
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