Boston, MA – March 31, 2010 Velocity Financial Group, Inc. announced today the close of a $3.0mm growth capital facility to Reflexis Systems, Inc., a leading provider of solutions that help retailers turn strategy into action and increase sales. Reflexis is headquartered in Dedham, MA and is backed by FirstMark Capital.
Reflexis’ Retail Execution Management Platform is a modular solution that helps leading retailers ensure compliance with corporate processes, marketing promotions and other store-level strategic initiatives. In addition, the Reflexis platform can unify task management, supply chain management and personnel management with real-time sales data to identify opportunities for revenue and operational improvement on a store, district, or company-wide level.
“Reflexis solves a very critical and expensive pain point for leading retailers,” observed JP Marchette, Principal of Velocity. “Non-compliance with corporate strategy at the store level has historically resulted in up to a 5% loss of potential sales, and Reflexis provides retailers with the ability to capture this meaningful revenue. In addition, Reflexis’ integration of real-time data into its execution management system has helped its customers identify opportunities for new revenue sources and cost improvements, which is increasingly important in a dynamically changing retail environment.”
“We are very pleased to partner with Velocity on this financing,” said Dan Clarke, CFO of Reflexis. “In taking the time to understand our business and our financing objectives, Velocity structured a facility that fuels our growth plans and complements our existing capital structure. The Velocity team ran a very efficient process that allowed us to focus on meeting the needs of our customers, and we look forward to building our long term relationship.”
ABOUT VELOCITY FINANCIAL GROUP: Velocity Financial Group, Inc. (VFG) is a specialty finance company formed to serve middle-market and venture-backed companies. VFG's Ventures division is dedicated to helping entrepreneurs by providing less dilutive, more flexible forms of capital. With offices in Boston and Silicon Valley, VFG's Ventures Group has built a broad client base consisting of technology, life sciences and clean energy companies. Clients range from pre-revenue companies with dedicated entrepreneurs to late stage, proven businesses seeking more efficient growth capital. VFG is backed by a diverse group of global financial institutions. For more information, please visit www.velocityfg.com.
ABOUT REFLEXIS: Reflexis helps retailers execute their strategy flawlessly and uncover profit. Reflexis customers, many of which are Top 250 global retailers, have reported dramatic improvements in store-level compliance with corporate strategies; higher productivity of merchandising, field, and store management; and increased sales and profitability. Reflexis Systems, Inc. is privately held and headquartered in Dedham, Massachusetts. For more information, visit www.reflexisinc.com.