CIBC Innovation Banking Provides Senior Credit Facilities to Parsec Automation

ANAHEIM, Calif.--(BUSINESS WIRE)-- CIBC Innovation Banking announced today that it has provided Senior Credit Facilities to support BVP Forge’s strategic investment, and fund the recapitalization of Parsec Automation, a leading Manufacturing Operations Management (MoM) software platform.

Parsec Automation enables manufacturing companies to 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 over 130 countries.

“We are pleased to work with CIBC Innovation Banking, a team that shares our commitment to innovation and excellence,” said Eddy Azad, Founder & CEO, Parsec Automation. “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,” said Youssef Kabbani, Executive Director, CIBC Innovation Banking. “We look forward to working with Parsec Automation as well as BVP Forge as they continue to expand their platform globally."

About CIBC Innovation Banking

CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, Durham, London, Menlo Park, Montreal, New York, Reston, Seattle, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking, private banking, wealth management and capital markets businesses.

About Parsec Automation

Parsec is the developer of TrakSYS, a proven operations management software application and solution platform designed to significantly improve manufacturing processes. Parsec is committed to providing best-in-class products and solutions to our worldwide community of customers to assist them in optimizing their manufacturing operations. There are thousands of TrakSYS plants around the globe in a wide variety of Industries. TrakSYS helps manufacturers maximize asset utilization and efficiency, increase capacity with no new capital equipment, reduce production costs, decrease lead time, and improve profitability. For more information about Parsec and TrakSYS, please visit the corporate website at https://parsec-corp.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20231128613363/en/

Katarina Milicevic, [email protected], 416-784-6108

Source: CIBC Innovation Banking

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