Wavetrend Secures New Round Of USD $5M Funding And Completes Successful Management Buyout
Wavetrend Holding Limited, a world leader in the deployment of track and trace solutions, announced recently that it has secured USD $5M in funding and completed a successful management buyout. Wavetrend remains a private company, now owned by its management team and new financial backers. The executive management team will continue to be led by Saleem Miyan, Wavetrend's incumbent Chief Executive Officer.
Wavetrend's new investors include established technology investors with a deep understanding of global business management, having successfully launched and grown businesses in diverse industries, including retail, construction and secure global logistics. Access to this business expertise provides Wavetrend with additional resource to assist in the strategic extension of its solutions offerings into new vertical markets.
"This investment in Wavetrend is a validation of the quality and marketability of the solutions we offer. Wavetrend has established itself as a leading provider of solutions to monitor and track critical high-value assets, people and vehicles, and we are well-positioned to build on our record of success," said Mr. Miyan.
The latest round of funding provides Wavetrend with the resources required to respond to its growing customer opportunities. Wavetrend's commitment to intelligent and cost effective innovation has led to the development of a market leading product and solutions portfolio that allows the company to offer applications directly addressing its customer business requirements. The company also has the advantage of an established track record in regions, such as the Middle East, and industries, such as secure logistics, oil and gas, automotive and construction, where active RFID is being increasingly deployed and where Wavetrend has an expanding customer base.
"At a time when the world is facing an incredibly difficult economic downturn and budgets are being tightly managed, Wavetrend, with its successful business model, growing roster of implementations and committed management team, represented an outstanding investment opportunity for the investor group," said Francis Firmstone, a Director of Gulf Capital which led the investment round.
About Wavetrend
Operationally headquartered in the United Kingdom and regional offices in United States, South Africa and Asia, Wavetrend is a world leader in the deployment of Active RFID solutions. Wavetrend technology enables enhanced management of people, assets, and logistics for improved business performance while optimizing customer return on investment and payback time. Through both its direct Professional Service teams and its global network of accredited solution and integration partners, Wavetrend delivers a wide selection of proven, superior-performing Active RFID products and solutions to customers around the world and supports a variety of industries including healthcare, construction, transport, logistics and automotive. For additional information, visit Wavetrend at www.wavetrend.net.
SOURCE: Wavetrend Holding Limited