Investment banking firm Goldman Sachs’ Merchant Banking Division has led a $60m financing round for US-based retail management software producer Citixsys.
Founded in 2005, Cityxsys has created a software platform called iVend Retail that connects to retailers’ point-of-sale systems, helping them optimise their business operations more efficiently to increase revenue, launch loyalty schemes and better manage inventory.
The software can also be used in the hospitality industry, and the round comes four months after Cityxsys expanded by opening six offices in Southeast Asia.
Kamal Karmakar, chief executive of Citixsys, said: “The next milestone for us is to offer complete infrastructure and application management to all retailers worldwide, so they can join the next phase of digital transformation in retail.
“I am delighted to work with Goldman Sachs MBD in this next chapter of growth and expansion of the business, including as we look for strategic acquisition targets that complement our existing offer.”
The latest round follows on from a $20m series B round led by private equity firm Housatonic Partners that was announced in October 2018 together with a previously undisclosed $25m series A round funded by unnamed investors.
