SAGEQUEST AWARDED $1.5 MILLION FROM
INNOVATION OHIO LOAN FUND
Beachwood, Ohio, May. 29, 2008 – SageQuest LLC, a Northeast Ohio-based industry leader in GPS fleet tracking and management solutions, has been awarded a $1.5 million Innovation Ohio Loan Fund loan from Ohio's Department of Development.
The loan will allow SageQuest to expand its technology infrastructure and scale up products and services for continued rapid growth. The award was finalized in May after nine months of consideration, and complements funding from Hopewell Ventures and the original SageQuest founders.
"We see the Ohio Loan Fund award as a great opportunity to expand our product and improve our position in the industry, and we are proud to accept," says Executive Vice President and Chief Financial Officer, David Lowman. "As SageQuest continues to grow, we will create more technology jobs in Northeast Ohio which makes this a great investment for the state."
SageQuest was one of three companies statewide to receive an Innovation Ohio Loan Fund as part of eight economic development projects announced by the Ohio Department of Development on March 31. The Innovation Ohio Loan Fund assists existing Ohio companies develop next generation products in a variety of growing industries including information technology.
"The State's partnership with SageQuest, a high-growth company that was founded in Ohio, represents an excellent investment that will sharpen our competitiveness in the logistics industry and create new positions in Northeast Ohio," said Lieutenant Governor Lee Fisher, who also serves as Director of the Ohio Department of Development. "As a national leader in the logistics industry, Ohio is the ideal home for companies like SageQuest that help clients move their products efficiently to maximize profit."
SageQuest, which helps businesses increase the productivity of their mobile workforce, has grown rapidly since its formation in 2003, doubling revenues each of the last four years. Over the first three years, this investment will add more than 50 employees to an experienced staff of product development, technology and business development professionals.
About SageQuest
SageQuest LLC provides GPS fleet tracking and management products that improve the overall efficiency and productivity of any mobile workforce. SageQuest is focused on helping customers reduce fleet costs, increase productivity and improve customer satisfaction. SageQuest's best-in-class solution, Mobile Control, delivers a comprehensive suite of tools through an easy-to-use online interface. For more information on SageQuest, visit www.sage-quest.com or call 888.837.7243.
SageQuest Contact: Todd Ewing, Senior Product Manager, SageQuest
888.837.7243 x 308,
tewing@sage-quest.com
