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Eltrax Secures Funding

ASP and integrated solutions provider Eltrax Systems, Inc. today closed an offering of its stock involving 12 unnamed investors, raising $13 million. The offering was placed by Morgan Keegan & Company.

Eltrax Systems, Inc. will use the proceeds from the offering for general corporate purposes. "There will be an emphasis on investing in our ASP business lines," William Fielder, chief financial officer, said.

The company recently expanded its employee count to 925 by adding marketing, sales, consulting and engineering personnel. "We will continue to invest in the sales and engineering channels by adding to our employee base," Fielder said.

Fielder told ASP-News that the company plans to announce three more ASP initiatives this year. Eltrax Systems. Inc. (ELTX)currently offers ASP services including iMessaging, an e-mail and collaboration application; HRe-source, human resources application and InnDemand, an online hotel management system.

The company as a whole has 11,000 clients.



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