Kelowna | June 25, 2012
RFind Systems, Inc. (“RFind”) of Kelowna, BC announces the acquisition of its business by the Trapeze Group (“Trapeze”) closed on June 19, 2012. The Trapeze Group is a wholly-owned subsidiary of Constellation Software Inc. (TSX:CSU).
“We’re excited to have found a new home with Trapeze,” said Sharon Barnes, CEO of RFind. “Trapeze has an outstanding reputation for innovation and experience in passenger transport solutions. The combination of our product offering with the Trapeze enterprise makes this an all around win for our customers, our employees and the passenger transport industry.” The first major transit project RFind landed was initiated in Calgary in 2010 on the Light Rail Transit (LRT) system. RFind’s technology will enable Trapeze to expand their transit enterprise solution offering with real-time location systems for vehicles and moveable assets.
Sharon Barnes and Marty Brooks founded RFind with the idea of developing a wireless Radio Frequency Identification (RFID) and Real Time Location System (RTLS) solution that would be scalable, affordable and would not require expensive infrastructure changes. The technology that RFind developed has been a leader in the automotive sector and has been deployed in yard and depot management, asset tracking, production sequencing and process control applications for transit, automotive and industrial manufacturing clients world-wide.
RFind is an Okanagan technology company success story. Founded in 2005 within the Okanagan Research and Innovation Centre (ORIC) Incubator in the White Lake Observatory, RFind has been able to grow and develop the technology locally using local talent. A significant contributing factor to the success of RFind was the timely investment and support provided by the Southern Interior Development Investment Trust (SIDIT) and Okanagan Innovation Fund (OIF). In addition, support from Accelerate Okanagan has ensured RFind has had access to the resources and experience necessary to position and grow the company.
It takes planning and process to secure a successful exit transaction. The sale was led by David Raffa of Valeo Corporate Finance, who served as RFind’s investment banker and advisor. “David managed the process for us from start to finish and was an invaluable resource. He understands technology companies and their value proposition to a buyer, and did a great job in negotiating the transaction,” noted Barnes.
Trapeze Group is based in Ontario, but will continue RFind’s operations and commitment to the Okanagan as they maintain an office in Kelowna and many of the current RFind staff.
About Trapeze Group
Trapeze delivers solutions that consider the full 360 degrees of passenger transport. Whether addressing the needs of a single department, an entire organization, or the community, Trapeze provides some of the most advanced software, intelligent transportation systems and mobile technologies in the industry. Hundreds of government and commercial organizations across North America, Europe and Asia Pacific have turned to Trapeze to realize efficiencies, enhance the quality and scope of their services, and safely transport more people with less cost. Find out more by visiting www.trapezegroup.com.
RFind, Inc. is a leading edge RFID and RTLS manufacturer that provides wireless solutions that are scalable, affordable, and implementation does not require expensive infrastructure changes. Dedicated to building an efficient, turn-key RFID/RTLS solution, RFind’s patented Tag to Tag™ communication technology was developed in 2005. It offers a more cost effective and efficient means of implementing RFID/RTLS technology, overcoming barriers to deployment posed by the typical investment in infrastructure required by conventional RTLS. RFind solutions have been deployed in yard and depot management, asset tracking, production sequencing and process control applications for transit, automotive and industrial manufacturing clients world-wide.
Find out more by visiting RFind’s website at www.RFind.com.