AFS Technologies Raises Funding For Two Acquisitions

AFS Technologies Inc., a developer of software applications for the food and beverage industry, announced Tuesday that it has raised $13M in an equity funding, and acquired two software firms. AFS said taht the funding round was led by CIBC Capital Partners and included existing investor Ticonderoga Capital. AFS said that it has acquired IRM Corp. and Motek Information Systems Inc., two software-as-a-service firms for the food and beverage industry, alongside the funding. IRM Corp. is a Dallas-based publisher of on-demand, software-as-a-service applications for the food, beverage and CPG industries, including business intelligence, forecasting and trade promotion management utilities to manufacturers, distributors and brokers. Headquartered in Beverly Hills, Calif., Motek develops warehouse management systems that utilize voice recognition and wireless data terminals. Financial terms for either deal were not disclosed. To fund the transactions, AFS said it has obtained a $25 million credit facility arranged through Wells Fargo Foothill, a part of Wells Fargo & Co. in addition to the equity raise.