TIC Systems: A management system for the Testing, Inspection and Certification Industry

Commodity transactions, such as oil & gas, require inspections. These independent inspections make sure that the buyer receives the correct quality of the commodity that they paid for. Vela’s Navarik Software business specializes in software for the Oil & Gas industry to help them manage their side of the inspection process. However, they offer another, smaller product that is an Inspection Management Systems (IMS) that aids independent inspection providers in running their business.

The Opportunity

TIC Systems’ CEO, Richard Halldearn, is a former GM at Navarik. His developed the insight that there is a huge potential market for the IMS product, both in Oil & Gas and other commodity verticals. He pitched the VMS fund on the idea of carving out the IMS product and investing in product improvements with the goal of aggressively pursuing sales.

The VMS Fund and Vela agreed to the proposal. The new company, TIC Systems, is the combination of some former Navarik employees, including Richard, VMS investment and the IP for the IMS product from Navarik.

The benefits for TIC Systems working with VMS:

With the VMS Fund, TIC Systems receives:

·       The IP of the existing Navarik Inspection Management Systems, allowing it to quickly bring a product to market.

·       A steady and reliable source of funding from the VMS fund.

·       The ability to tap into some shared services provided by Vela, such as payroll.

Next Steps

The immediate priority for TIC Systems is putting together a team. This will allow them to both improve the product and build a pipeline for future sales.

How do I apply for the fund?

You should start by emailing karl.schabas@vmsfund.com. Include a brief description of your idea and why you believe it meets the criteria of the fund. We will then arrange a follow-up call to discuss further. Keep in mind that all fund investments will require a business unit sponsor from within Constellation. If you already have a business unit leader that supports your application, be sure to include this in your email.

Any further questions, feel free to reach out to karl.schabas@vmsfund.com.