Cadec Gets $4 Mln. Funding Boost From Thule

Cadec Global, which offers fleet management services, said it has received an additional $4 million in funding from Thule Investments that will be applied to support further growth.

“We are extremely excited about the achievements of the Cadec team over the past year,” said Gisli Hjalmtysson, chief executive officer of Thule Investments, based in Reykjavik, Iceland. “The company continues to gain market share as evidenced by key wins such as Publix Super Markets. We’re looking forward to working with the Cadec team on the next phase of its growth and success.”

The company said in an April 2 statement that the investment follows other developments, including its first implementation of the PowerVue product.

Cadec also has received a patent for its technology intended to prevent rollovers. That technology is designed especially for trucks.
It also has applied for a patent on technology that would allow remote shutdown of engines.

As for personnel, the Manchester, N.H., company recently added Tom Bassett as its chief financial officer.