Sep 25, 2006
Livermore, CA – BMG Seltec has received a $6 million equity financing investment from new investor Element Partners, a Menlo Park, CA, and Philadelphia, PA, based venture capital fund investing in clean technology.
“The investment will fundamentally strengthen our balance sheet and provide the growth capital necessary to significantly accelerate major advances to our product offering, broaden our market reach, and expand our service organization,” says Scott Johnson, President of BMG Seltec.
“BMG Seltec has the essential elements and potential to be a very successful company – a very large addressable underserved market, a well focused business strategy, existing products and services of proven market acceptance, fragmented competition, marquee reference accounts, strong revenue and earnings traction, and good management,” says John Rockwell, Managing Partner of Element Partners.
”The additional financial resources clearly position us to more forcefully address a wide range of underserved market needs, while giving our customers confidence of BMG Seltec’s continued financial strength and staying power. This is a pivotal milestone for the Company, one which will have significant positive implications for our customers,” adds Johnson.
About BMG Seltec
Based in Livermore, CA, BMG Seltec provides operations support software, GPS vehicle tracking, plant control systems, point-of-sale systems, and related professional and plant services to producers of asphalt, aggregates, and concrete. BMG Seltec solutions are at work at over 1500 production sites, streamlining the “quote to cash” process, reducing labor costs, improving logistic efficiencies, improving customer service, and reducing billing errors.
Contact BMG Seltec at sales@bmgseltec.com, www.bmgsetlec.com, or 925-373-3200.
