SAN BRUNO, CA, ICIX, a leader in supply chain risk management and compliance solutions for retail and manufacturing enterprises, announced that it has secured $15.5 million in financing.
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The round was led by Santa Monica-based Arrowroot Capital, a preeminent growth equity firm focused on software-as-a-service (SaaS) businesses.
'We are excited to partner with Arrowroot and benefit from their expertise in fueling growth in SaaS companies like ICIX,' said David Marchand, CEO of ICIX. 'Our customer-centric model and the latest release of our cutting-edge Active Transparency platform have driven record growth. We will focus this investment on further innovation to continue to deliver increased value to our customers.'
Kareem El Sawy, Partner at Arrowroot Capital, noted, 'ICIX has long been a recognized leader in the retail and manufacturing industries, helping many of the world's top companies drive supply chain transparency in order to protect their brands and their customers. We look forward to working with the ICIX team to build upon this success in their next stage of growth.'
Arrowroot Partner Clem O'Donnell added, 'With increasingly complex government regulatory requirements and customer-specific compliance needs, ICIX is solving a critical pain point for blue-chip companies with global and diversified supply chains. We are excited to partner with this world-class team as they expand their footprint and continue their leadership position.'
ICIX solutions enable companies to safeguard consumers, protect their brand, and build trust - all while improving margins. The ICIX retail cloud network and applications bring unparalleled visibility and efficiency to the extended supply chain for product safety, compliance and corporate social responsibility. ICIX helps leading retailers and manufacturers to collaborate across trading partner networks to achieve Active Transparency. More than 20,000 businesses are active members of the ICIX network, including many of the world's largest retailers and manufacturers, their trading partners and more than 50 testing, inspection and certification companies. For more information about the company and its portfolio of products, visit www.icix.com.
About Arrowroot Capital
Arrowroot Capital is a growth equity firm based in Santa Monica focused on growing and mature recurring-revenue software businesses. It seeks to partner with management to accelerate growth and help guide the company to its ultimate exit. Arrowroot targets equity investments in the range of $5 million to $25 million and has the flexibility to pursue larger opportunities. Learn more at www.arrowrootcapital.com.