Laval-based Processia Solutions has raised a sizable round of funding from the Fonds de solidarité FTQ. The infusion comes as the IT consulting firm looks to strengthen its hold in the US, Britain and France.
The funding came in at $4.2 million.
“The investment… is a significant step that will enable us to continue building our presence on international markets where, for several years now, we have experienced solid and sustained growth,” said CEO Vincent Fraser. “We are truly stimulated by the confidence expressed by the Fonds in our business plan and we are excited and optimistic about the future.”
Founded in 2000, Processia says it has had an average annual growth of 30 per cent during the last seven years. The company employs 200 people. It offers consulting services and IT solution integration services for businesses in the aerospace, defense, automotive, energy, retailing and consumer packaged goods, life science and high-tech sectors.
In December the company acquired Paris-based NextIS Consulting, an independent consulting company. Processia Solutions’ customer base includes Faurecia, Renault F1, Bombardier Recreational Products, Pratt & Whitney Canada, New Balance, and Westinghouse.
“Processia is… an excellent example of a Quebec supplier that has exported the know-how it has developed through its work with Quebec prime contractors. The Fonds is proud to contribute to the next growth phase of this company,” said Alain Denis, senior vice-president, Innovation, at the Fonds de solidarité FTQ.
The Fonds de solidarité FTQ is a development capital fund that invests the savings of Quebecers. As at May 2016 the organization had $11.7 billion in net assets