Giza Venture Capital, Accel Partners, and Formula Vision Technologies (TASE:FVT) are investing $19 million in airfield management systems company Transtech Control, in return for 47% of the company. Giza Venture Capital led the financing round.
The three investors were also given a three-month option to make a further $6 million investment in Transtech on the same terms as the first investment.
Until now, Formula Vision owned 65% of Transtech. Its holding will fall to 39% on completion of the $19 million investment.
Giza Venture Capital managing director Shuki Ehrlich and Accel general partner Bruce Golden will join Transtech’s board of directors.
Transtech’s system, the Intelligent Airport, provides tower controllers, airline ramp managers and airport operators with a real time display of traffic across the airport operating area. The system tracks actual vehicular movements against planned taxi routes and operational boundaries, providing timely alerts of irregular activity, addressing safety, capacity and security challenges. The company has systems operational at some 120 airports worldwide, including New York’s JFK International, San Francisco International, Los Angeles World Airport , Beijing Capital Airport, Sao Paolo International, Denver International, and Taipei International. Transtech has a fully owned subsidiary, Transtech Airport Solution Inc., based in Connecticut..
Ehrlich said; “Transtech is uniquely positioned to address the safety, capacity and security challenges arising from the dramatic growth in today’s international air traffic volumes. Transtech’s highly capable team, led by CEO Simcha Ohrenstein, has created a visionary product that is fundamentally changing the way airports will be managed in the 21st century.”
Published by Globes [online] - www.globes.co.il - on September 26, 2004