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Rush Tracking Systems Acquired by Private Equity Firm
The RFID systems integrator and solutions provider will continue to operate independently, but will receive an infusion of cash from Pharos Capital Group.
Nov 16, 2009—Rush Tracking Systems, an RFID systems integrator and solutions provider based in Lenexa, Kan., has been acquired by Pharos Capital Group, an investment firm with offices in Nashville, Tenn., and Dallas, Texas. The terms of the acquisition have not yet been disclosed, though both companies indicate Rush Tracking Systems will continue operating independently, and that it will receive an infusion of new capital.
"We were not looking to be acquired," says Toby Rush, president of Rush Tracking. "Pharos was interested in investing in the RFID space, and they found us. They were attracted by the fact that we are an established company in the space, with a proven leadership team and proven technology."
Recently, Rush Tracking Systems developed a packaged offering, known as VisibleEdge, that involves RFID-enabled forklifts and is designed to allow companies to manage workflows. In May 2009, the firm announced it was integrating optical real-time location system (RTLS) technology from Sky-Trax into its VisibleEdge solution. To determine a forklift's location, a Sky-Trax optical sensor, mounted on the vehicle, could be aimed at the ceiling in order to capture digital images of overhead position markers resembling 2-D bar codes.
Two months later, Rush Tracking Systems announced it had purchased a portfolio of patents and intellectual property—all related to automated scanning technologies—from International Paper. The company indicated it would use this acquisition to strengthen its VisibleEdge offerings.
Rush says he was contemplating seeking another round of investment in order to promote the solution, when Pharos approached him. The additional funding from Pharos enables Rush's original investors to exit with a satisfactory return on investment, while providing the necessary cash to further develop and market the VisibleEdge solution.
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