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Solutions Group Corp.
Solutions Group secures first round of growth capital funding to address near term requirements
Santa Barbara, California, USA – Santa Barbara based Solutions Group Inc, SGI, (SOLU.PK) announced that it has received the first tier in a funding arrangement to span through 2010. The company is currently experiencing a significant upside to its growth as the market for their managed engineering services expands. According to published reports, recent events in the global economy have spurred on many electronics companies to re-evaluate their staffing plans and SGI is well positioned for growth during this market contraction. By partnering with SGI, companies can maintain their current product development levels while reducing their fixed labor costs.
With offices in North America and Europe, SGI has created a blended or “Hybrid Outsourcing” approach in handling their customers’ work. SGI engineers are placed on-site to coordinate the work between the customer and the SGI low-cost facility overseas, where up to two-thirds of the work is completed. This relationship helps to maintain excellent communication with the customer regarding progress on the design while also reducing their final development cost by up to 30-50%.
Randy Aldridge, the Company’s President, stated, “The fact that we have attracted many well qualified engineers to our team and in some cases place them directly at our customer’s location ensures that we have flawless execution and communication with our customers. The local on-site support, real time design reviews and rapid transfer of information between customer locations and our design centers around the world results in a rapid completion of work at an exceptionally low costs.”
Mark Herbst, SGI’s CEO further commented, “The current investment will allow us to complete the near term expansion of both our U.S. and offshore locations. This investment also allows us to move forward with adding additional services to our operations across the world in response to customer demand.”
Eric Fuentes, Executive Vice President of Kings Pointe Capital stated, “We are pleased to be allied with SGI as a financing partner. SGI’s business model shows incredible promise for growth and expansion. Very few companies have the size and position to provide the engineering services at the competitive price they offer. As companies continue to resize, the demand for SGI’s services will continue to increase over the coming years.”
About Solutions Group Corp: Solutions Group (SGI) is an international engineering firm that supports its customers with product development and engineering expertise across all major disciplines. The Company’s core competency includes electrical engineering, component engineering, printed circuit board design, library development, mechanical design, and software development. SGI integrates its design centers that are local to major technology centers in North America and Europe with its lower cost off-shore engineering locations to provide exceptional blended pricing solutions. SGI’s Development-Outsourcing Program has gained rapid acceptance in the industry as it affords companies the opportunity to convert their fixed product development expenses to a variable type of model while still attaining the product development roadmap plan. SGI’s customers currently include major Fortune 500 companies, small and mid-range OEMs and early stage product companies.
For more information, visit www.solutionsgroupcorp.com, or contact the company at
Contact:
Sean J. O’Neil
Executive Vice President Tel. + 805-964-3344
E-Mail: sjoneil@solutionsgroupcorp.com |
