Business News
Supply Chain Integrity Completes Second Round of Funding; Raises $2.5M from Multiple Investors
2008-08-07 09:16:00
Supply Chain Integrity Completes Second Round of Funding; Raises $2.5M from Multiple Investors
LoJack Corporation Increases Stake in SCI to 60 Percent
ROCKWALL, Texas, Aug. 7 /EMWNews/ -- Supply Chain
Integrity (SCI), developers of an innovative, first-of-its-kind integrated
solution that reduces and manages risk throughout the supply chain, today
announced the completion of its second round of funding. As part of the
round, LoJack Corporation (Nasdaq: LOJN) has increased its investment in
SCI, now owning 60 percent of the company.
Robert Furtado, Supply Chain Integrity's Chief Executive Officer, said,
"We are very pleased to have completed this transaction raising additional
funds and expanding our working relationship with LoJack. With its
increased stake in SCI, LoJack is enabling us to evolve beyond security and
cargo theft applications and into integrated supply chain protection
solutions that address enterprise risk associated with supply chain
threats, which we believe is the future of our industry. SCI is fortunate
to be able to leverage LoJack's recognized brand, recovery expertise and
law enforcement relationships, which are important differentiators and
unequaled in the marketplace."
According to a survey conducted by Chubb Group Insurance Companies,
broken links in the supply chain is one of the top three threats to
business operations in 2008. Today, SCI is the only company that provides
an integrated solution for supply chain protection -- from information
sharing and analysis to investigative intelligence to covert monitoring and
recovery. It is building an extensive, diverse community of members, from
private industry to law enforcement, who for the first time have a platform
to share information and combat supply chain threats. SCI's customers
include the leading manufacturing, logistics and retail corporations in the
world.
"LoJack originally invested in SCI because we saw it as a strong entry
into the emerging cargo security market," said Ronald V. Waters, LoJack
President and Chief Operating Officer. "Today, the opportunity has expanded
to enterprise risk management and our investment will help SCI deliver
powerful solutions for that emerging market segment. This investment is
part of LoJack's strategy to diversify our business through entry into new
markets, growing our international business and developing new products
based on our technology -- all with the goal of providing solutions that
recover a wider range of valuables globally."
About Supply Chain Integrity
Founded in 2004, Supply Chain Integrity (SCI) is the only company that
provides a total integrated solution for supply chain protection -- from
information sharing and analysis to investigative intelligence to covert
monitoring and recovery -- making its solution the most complete in the
industry. SCI is building an extensive, diverse community of members --
from private industry to law enforcement -- who for the first time have a
platform to share information and combat supply chain threats, making the
company a powerful force in the market. In 2008, LoJack Corporation became
a majority shareholder in SCI, bringing its venerable brand's resources,
recovery expertise and law enforcement relationships to this innovative,
emerging company. Visit http://www.sc-integrity.net.
About LoJack Corporation
LoJack Corporation, the company that invented the stolen vehicle
recovery market more than two decades ago, is the global leader in
recovering valuable mobile assets. The company's time-tested system is
optimized for recovering stolen mobile assets through its proven Radio
Frequency technology and unique integration with law enforcement agencies
in the United States that use LoJack's in-vehicle tracking equipment to
recover cars, trucks, commercial vehicles, construction equipment and
motorcycles. The company's Stolen Vehicle Recovery System delivers a 90
percent success rate for cars and trucks and has helped recover more than
$4 billion worldwide in stolen LoJack-equipped assets. Today, LoJack
operates in 26 states and the District of Columbia, and in more than 30
countries throughout North America, South America, Europe, Africa and Asia.
Visit http://www.lojack.com.
CONTACTS:
Robert Furtado Paul McMahon
Supply Chain Integrity LoJack Corporation
951-775-1168 781-251-4130
Laura Feng Jeanne Bock
Tier One Partners Tier One Partners
978-975-1414 781-861-5249
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