Systech bags $7.5M loan to fuel pharma software business
Systech International has nailed down a $7.5 million venture loan to help finance the growth of its business focused on pharma serialization software. Horizon Technology Finance Corp. ($HRZN) provided the venture debt to Systech and the specialty lender has added another privately held tech outfit to its portfolio.
Systech deals in software that provides drugmakers with analytics that aid in making manufacturing processes efficient at the line and plant levels, according to the company. It's apparently a growing business and the pharma serialization software field has attracted big competitors such as Siemens.
As Horizon President Gerald Michaud stated in a release, Systech is "a company poised for growth with its comprehensive suite of software products and services for manufacturers in the global pharmaceutical and related industries aimed at meeting stringent regulatory requirements and improving operating efficiencies."
"We are experiencing significant growth and required additional capital to finance our continued expansion," Robert DeJean, president and CEO of Cranbury, NJ-based Systech, said in a statement.
- here's the release