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.