Westec secures $20m in new funding
DALLAS--Westec Intelligent Surveillance, a provider of remote video monitoring, announced this week that it has secured an additional US $20M in equity funding. The investment was co-led by Argonaut Private Equity and Egis Capital Partners with support from existing investors. According to a release, the funding will be used to support the company's organic growth, as it continues to penetrate the retail, restaurant and hospitality markets.
Additionally, Kelby Hagar, the current president, will now assume the additional responsibilities of chief executive officer.
"Helping retailers be more profitable is an exciting proposition in this economy," said Steve Mitchell, managing director with Argonaut Private Equity, in a statement. "We see Westec as the leader in an industry that is poised for growth."
"Raising capital at this time and in this economic environment had its challenges, but we achieved a major milestone in the company's development which will allow us to maintain our leadership position," said Hagar in a statement. "The capital will enable us to strengthen our balance sheet and provide growth capital for expansion of the business."
Argonaut Equity Partners is a diversified global private equity fund with more than $3.5 billion under management. Egis Capital Partners is a private equity fund focused exclusively on businesses in the security and homeland defense industries.