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Intechra Secures Additional $30 Million in Equity Capital
Intechra Secures Additional $30 Million in Equity Capital
Published 05-22-07
Submitted by Intechra
JACKSON, Miss.--(BUSINESS WIRE)--May 22, 2007--Electronics lifecycle management company Intechra Holding Corp. today announced that the company has secured $30 million in new equity funding led by Richland Ventures of Nashville, Oxford Bioscience Partners of Boston and First Avenue Partners of Nashville.
Intechra is using the investment primarily to fund acquisitions and support the company's overall growth strategy.
"Our clients are demanding an expanded breadth of services and geographic reach to serve their needs," said Intechra CEO Chip Slack. "This additional equity capital significantly enhances our ability to do both and complete our growth plan over the next two years, including our global growth strategy."
Intechra helps large businesses transport and transform IT assets to derive their highest value while mitigating the data security and environmental risks of asset disposal.
During the past two years, Intechra has attracted over $50 million in private equity funding.
"We are very excited about our recent investment in Intechra, a national e-lifecycle company that is well positioned in an emerging market," said Matt Gibbs, General Partner of Oxford Bioscience Partners. "We see electronics lifecycle management as a growth segment, particularly with its critical importance to large healthcare and lifescience companies, which are under tremendous pressure to comply with data security and environmental disposal regulations."
Co-investors in the financing include, among others, Chrysalis Ventures, Sewanee Partners and SJF Ventures.
Intechra is the largest and fastest growing electronics lifecycle management company in the United States. The company recently acquired Gold Circuit in Phoenix and Casa Grande, Ariz.; as well as EPC in Los Angeles; Market2Market in Columbus, Ohio; and SpaceFitters in Hartford, Conn. It acquired the latter three companies from Chasm Industries. Intechra is the only full-service electronics lifecycle management company with coast-to-coast facilities. Prior to the recent acquisitions, Intechra had existing facilities in Phoenix, Dallas and Columbus.
The company has approximately 450 employees in six processing centers and two recycling centers across the country. Additional information about Intechra can be accessed at the company's website at www.intechra.com.
Copyright Business Wire 2007
