Rush Tracking Systems and Sky-Trax, Inc. Announce Merger
KANSAS CITY, Kans. and NEW CASTLE, Del. – Rush Tracking Systems (www.rushtrackingsystems.com) and Sky-Trax, Inc. (www.sky-trax.com) announce they have merged to form a vertically integrated provider of smart truck tracking systems for manufacturing and warehousing environments, solidifying the combined companies’ market leadership. The terms of the transaction were not disclosed.
In conjunction with the merger, private equity firm Pharos Capital Group, LLC (Pharos) and its affiliates, owners of Rush Tracking Systems, committed additional capital to the combined company to accelerate growth and increase penetration into international markets. “Sky-Trax is a natural fit with Rush Tracking Systems, given the companies’ synergistic product offerings, engineering, business and industry expertise,” said Anna Kovalkova, Vice President of Pharos Capital Group. Kovalkova continued, “This business combination is consistent with our original investment strategy in Rush and we will continue to look for additional complementary and synergistic businesses to roll into the new company.”
The new company delivers a comprehensive suite of patented smart truck tracking solutions which optimize personnel safety, asset utilization, labor productivity and inventory accuracy within manufacturing and warehouse operations. By automatically collecting real-time lift truck load and location visibility data, customers are able to reduce or eliminate the inaccuracies associated with driver input of data. The resulting business intelligence data also allows customers to gain the insights needed to implement immediate improvements in accountability, safety and productivity.
“The merger will enhance the ROI to our customers by delivering improved product cost along with real time data and visibility to their operations. As a result, customers can now achieve the next level of actionable business intelligence, directly impacting performance and their bottom line,” states Toby Rush, President of the new company.
The solutions automatically identify the load on the front of a lift truck by leveraging either barcode, RFID, or optical data collection technologies and then track the position of the material handling device via Sky-Trax’s market leading optical indoor positioning system.
“With an installed base of several hundred trucks, and installations around the globe including the United States, Europe and New Zealand, the return has proven to be substantial,” says Mike Kinnard, CEO of the new combined company. “Our customers are experiencing at least 15-20% improvement in productivity and more in many cases.”
The combined entity will continue to sell solutions under the Sky-Trax and Rush Tracking brands and anticipates rapid growth supported by direct sales to blue chip customers as well as growth from a global network of Value Added Resellers (VAR) and Original Equipment Manufacturers (OEM).
“There is a clear strategic advantage to combining our complementary product portfolios and expertise,” echoed Larry Mahan, General Manager, adding, “The combined entity will continue to deliver the same superior support and services while introducing a newly strengthened product portfolio, adding greater value to our customers, VAR and OEM channel partners. ”
About Rush Tracking Systems
An RFID industry veteran working with world-class client organizations since 2003, Rush Tracking Systems serves as a trusted advisor, with the experience and integrity to recommend, build and deliver the right tracking solutions to meet client business needs. Rush Tracking Systems offers unsurpassed technical expertise, coupled with a consultative business approach, and excels at helping clients achieve the greatest business value from tracking technologies. The company has proven expertise in consumer packaged goods, retail, industrial manufacturing, pulp and paper, cotton and textiles, automotive, pharmaceutical, & petrochemical industries. Call (913) 227-0922 or visit www.rushtrackingsystems.com for more information.
About Sky-Trax, Inc.
Sky-Trax is the leading provider of patented Optical Real-Time Location Systems for tracking goods, vehicles and guiding autonomous vehicles in any size facility. Sky-Trax’s revolutionary inch-accurate location tracking and automatic data collection systems are designed for indoor industrial vehicles, primarily in warehouses. Applications employing Sky-Trax Optical RTLS are economical and practical to deploy, allowing warehouse professionals to substantially increase safety and improve warehouse efficiency. The results are fewer safety incidents, much lower operating costs, improved inventory accuracy, and greater throughput. For more information, call (866)927-4927 or visit www.Sky-Trax.com.
About Pharos Capital Group, LLC
Based in Dallas and Nashville, Pharos Capital Group (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.