With the purpose of improving the efficiency of powertrain control systems, Control-Tec provides cloud-based telematic data acquisition, management, and analysis services to the automotive, heavy truck, and rail industries. Founded in late 2009, the company’s revenues were increasing rapidly and although not yet profitable, they were projecting to break-even by the end of 2011.
In order to meet the demand for their services and take advantage of new opportunities, Control-Tec was in need of working capital to fuel its growing business.
Drawing on the deep expertise of Hitachi Business Finance in working capital financing, a solution was structured for Control-Tec that included a revolving line of credit to not only meet its immediate funding goals, but to achieve the next level of revenue and profitability. The company was able to take immediate control of its cash flow during its growth stage.
“The line of credit enabled us to make effective and timely decisions to drive and deliver our growth opportunities,” said Control-Tec CFO James R. Megyesi. “Our business model was well funded and positioned for success, but your firm filled the often overlooked need of cash flow to operate a growing business.”
Despite being a relatively young company, Control-Tec is thriving and realizing their vision of becoming a worldwide leader in the powertrain control industry.
With new equipment and business opportunities, Control-Tec is well positioned to serve their current and future client base of global transportation manufacturing companies with industry-leading software, hardware, consulting services, and certification assistance for years to come.
“You know you had a good partnership when you don’t look forward to the end. Moving ahead is a product of success, and Hitachi Business Finance has certainly helped us move forward.”
– James Megyesi, CFO