PARIS – Tagsys, developer of RFID (Radio Frequency Identification) systems, announced this week the completion of its fifth round of funding for $35 million, bringing the total financing raised to date to about $78 million.
Led by JPMorgan Partners, this round included Cazenove Private Equity as well as existing investors Elliott Associates, L.P. and its affiliates, and Endeavour. With this new capital increase, Tagsys aims to “advance the company’s rapid global growth, expand R&D efforts, and accelerate its ability to bring end-to-end item-level RFID infrastructure solutions to markets that are increasingly embracing RFID”, said the company in a statement.
“This financing round marks an important new growth phase for Tagsys as it solidifies its leadership position in the item-level RFID industry,” declared Bernard Vogel, chairman of the board and managing partner of Endeavour, in a statement. “The capital will allow Tagsys to capitalize on the strong commercial momentum that the company is experiencing by expanding global production capacity, strengthening development efforts and augmenting its sales and services to meet the increasing demands of its customers.”
Founded in 1996 as a division of smart-card technology company Gemplus, Tagsys was spun out and sold to Axa Private Equity, Saffron Hill Ventures, and Endeavour Advisors in October 2001 as part of Gemplus’ financial restructuring. Originally located in La Penne sur Huveaune, in the South of France, Tagsys’ headquarters recently moved to Cambridge, Massachusetts. Offices and R&D centers remain in France as well as in Doylestown, Pennsylvania, and in Hong Kong.
The company now counts 120 employees throughout the world.
