Manufacturing management software vendor Parsec Automation Corp. says it is preparing for a jump in future growth after announcing today that it has landed a round of private equity financing.
Anaheim, California-based Parsec produces the TrakSYS brand of manufacturing operations management (MOM) software, which it says helps manufacturers to improve asset utilization and efficiency, increase capacity with no new capital equipment, reduce production costs, decrease lead time, and improve profitability. The firm’s technology is currently in operation at over 11,000 facilities in more than 100 countries, with customers in the automotive, chemical, food & beverage, life sciences, and packaged goods sectors.
Terms of the new funding from financial firm BVP Forge were not disclosed, but Parsec characterized the strategic investment as a “major recapitalization.”
In addition to providing fresh capital, BVP Forge will bring its business building program, ForgeEdge, to help Parsec scale its platform, accelerate growth, and maximize customer impact. BVP Forge will also provide Parsec access to the growth IP, talent network, and roadmap insights of its parent company, Bessemer Venture Partners.
“Manufacturers are increasingly embracing digitalization, which relies on high-quality data produced and synthesized on a plant floor,” Rob Arditi, BVP Forge Partner, said in a release. “Parsec’s mission criticality and core value proposition are evidenced by the company’s high customer satisfaction, strong retention, and superior product platform. We are thrilled to partner with the Parsec team and help the company reach its vision.”