Wednesday, November 25, 2015

State loan boosts software firm's Del. HQ

Pharos Capital's TotalTrax to open Newport facility

State loan boosts software firm's Del. HQ


A new Delaware state loan program has sweetened expansion plans for a cargo tracking software and device company owned by a Texas buyout firm.

TotalTrax has moved its headquarters to a larger facility in Newport, Del., from nearby New Castle, with help from a $445,000, 3-year loan package. Three-quarters of the financing was supplied by Lancaster-based Fulton Bank, at 4.99%. The other $111,250 was supplied by the state-run Delaware Economic Development Office's new Delaware Small Business Credit Initiative, at 2%.

TotalTrax, owned by Dallas-based Pharos Capital Group, will employ around 50  at the site, up from 35 in the former New Castle facility, with future expansion in the works, state spokeswoman Nikki Lavoie told me. Gov. Jack Markell and Sen. Tom Carper, D-Del, are expected for a "grand opening" Friday with TotalTrax chief executive Mike Kinnard.

TotalTrax in October bought Dallas-based ShockWatch Inc.'s line of product monitoring devices, which check laundry machines, electrical transformers, medical devices and other equipment to make sure it's not damaged or stolen in transit, from owner Media Recovery Inc. (now known as DataSpan). TotalTrax itself was formed by last July's merger of Toby Rush's Rush Tracking Systems with Sky-Trax inc.

We encourage respectful comments but reserve the right to delete anything that doesn't contribute to an engaging dialogue.
Help us moderate this thread by flagging comments that violate our guidelines.

Comment policy: comments are intended to be civil, friendly conversations. Please treat other participants with respect and in a way that you would want to be treated. You are responsible for what you say. And please, stay on topic. If you see an objectionable post, please report it to us using the "Report Abuse" option.

Please note that comments are monitored by staff. We reserve the right at all times to remove any information or materials that are unlawful, threatening, abusive, libelous, defamatory, obscene, vulgar, pornographic, profane, indecent or otherwise objectionable. Personal attacks, especially on other participants, are not permitted. We reserve the right to permanently block any user who violates these terms and conditions.

Additionally comments that are long, have multiple paragraph breaks, include code, or include hyperlinks may not be posted.

Read 0 comments
comments powered by Disqus
About this blog

PhillyDeals posts interviews, drafts and updates that Joseph N. DiStefano writes alongside his Sunday and Monday columns and ongoing articles about Philadelphia-area business.

DiStefano studied economics, history and a little engineering at Penn. He taught writing and research at St. Joe’s. He has written for the Inquirer since 1989, except when he left a few times to work at Bloomberg and elsewhere. He wrote the book Comcasted, and raised six kids with his wife, who is a saint.

Reach Joseph N. at, 215.854.5194, @PhillyJoeD. Read his blog posts at and his Inquirer columns at Bloomberg posts his items at NH BLG_PHILLYDEAL.

Reach Joseph at or 215 854 5194.

Joseph DiStefano
Also on
letter icon Newsletter