CIBC Innovation Banking provided senior credit facilities to support BVP Forge’s investment and fund the recapitalization of Parsec Automation, a manufacturing operations management software platform.
Parsec Automation helps manufacturing companies optimize manufacturing processes, maximize asset utilization and reduce lead times. Its software is used in thousands of factories across automotive, life sciences, packaged goods and other verticals in more than 130 countries.
“We are pleased to work with CIBC Innovation Banking, a team that shares our commitment to innovation and excellence,” Eddy Azad, founder and CEO of Parsec Automation, said. “Our TrakSYS MES software is at the forefront of driving significant advancements in manufacturing operations, quality and sustainability. The dynamic and high-growth nature of our business requires a solid banking partner that understands our needs and can provide the necessary support to propel us forward. We look forward to achieving great success together.”
“We are excited to work with Parsec Automation and support its mission of simplifying manufacturing operations, especially as manufacturers around the world focus on digitalization,” Youssef Kabbani, executive director of CIBC Innovation Banking, said. “We look forward to working with Parsec Automation as well as BVP Forge as they continue to expand their platform globally.”
