BAS Closes Successfully its Second Fund Raising

Box Automation Solutions (BAS), a French company specialized in cash management audit, and treasury solutions via the SWIFT network, announces a new round of financing funded by Middle East Venture Partners (MEVP) a MENA focused venture capital firm covering the Levant and GCC countries. MEVP is co-investing with Sigma Management, B.A.S initial investor.

This round comes three years following a first round of funding in 2009 which has allowed BAS to conduct its research and development program and fund its business development operations in France. The new funding will be used to  support the growth of BAS commercial activities in the Middle East.

BAS is highly specialized in cash management solutions through the SWIFT network. Its solutions allow decision makers to fully monitor and audit their ash in order to better manage their cash flow. Since its inception, BAS has distinguished itself by applying its innovation in this conservative area. In addition, on November 8, 2011, the company announced the launch of the first application of cash management and treasury control on the iPad.

Walid Hanna, MEVPs Managing Partner, commented: BAS real time solutions offer treasurers the ability to control their cash. Beyond its innovative features, the offering of BAS is characterized by a high quality of service and customer care. These are the qualities which Middle Eastern cash managers appreciate. Walid Hanna added, Cash management solutions are nascent in the MENA region. During crisis times, companies need to better manage their cash flow. These reasons are what compelled us to co-invest with Sigma Management and fund the deployment of BAS in the Middle East.

For BAS, the investors profile was also crucial. Anis Rahal, President of BAS said: The choice is by no means trivial. MEVP is a major player in the venture capital space in the Middle East. MEVP will be providing us with operational support and access to its network in the MENA region. The partnership with MEVP is strategic as it will boost our growth in this region.

About Box Automation Solutions (BAS)
Based in Paris and Dubai with back offices in Beirut, BAS is a leading provider of cash management solutions. Its product range is centered around three main solutions. C2Box (Cash Control Box) is a solution for reporting and cash control. Payments are made via a secure platform, C2Pay. To respond to ETEBAC and SEPA changes, BAS module also offers C2S (Connect to SWIFT), a solution that converts messages or payment files to files accepted by SWIFT.

About Box Automation Solutions (B.A.S):
About Box Automation Solutions (B.A.S) Based in Paris and Dubai with back offices in Beirut, BAS is a leading provider of cash management solutions. Its product range is centered around three main solutions. C2Box (Cash Control Box) is a solution for reporting and cash control. Payments are made via a secure platform, C2Pay. To respond to ETEBAC and SEPA changes, BAS module also offers C2S (Connect to SWIFT), a solution that converts messages or payment files to files accepted by SWIFT.

Contact:
David Lecuyer
Box Automation Solutions
17, square Edouard VII
75009 Paris, France
+33 1 49 86 08 69