NEW YORK-Skywire Corp., a provider of wireless data products and services, announced Sept. 3 it completed a $12 million private placement.
Marketed by Bear, Stearns & Co. Inc., New York, the private placement generated $6 million from Chancellor Capital Management, $4 million from other domestic and international investors and $2 million from existing Skywire investors.
“Skywire has experienced a tremendous growth … most recently fueled by contracts with (The) Coca Cola (Co.) and Federal Express Corp.,” said Bryan M. Eagle II, president of the Memphis, Tenn., company. “This private placement … will help us in our continuing efforts to reshape the wireless monitoring industry with our products and services.”
Capital raised from the private placement will be used to increase new product and applications development, expand the company’s sales and marketing efforts and strengthen its presence in international markets.
Vendview, Skywire’s flagship product, is a remote monitoring system for cold drink and snack food vending machines. The product is used by leading U.S. bottling companies. Skywire’s SmartBox technology now is in use by Federal Express to remotely monitor Federal Express’ drop boxes throughout the country.
Skywire integrates all necessary hardware, network services, software, training, installation and customer service into its solutions for a variety of fixed and mobile wireless data applications. Its clients include railroads, utilities and the oil and gas industries.
