IRYStec Software, the Montreal Venture based startup was founded in 2015 to innovate a SW layer product controlling the point of perception, based on ambient, reflection, user experience and various sensors and content attributes.
In Dec, 2018 Dr. Rouzbeh Yassini-Fard, was appointed as Executive Chairman of the board to provide strategy, vision, and executive leadership to make the 4 years old Start-up a business success.
By August 2019, the company board accepted the chairman recommendation that the best approach for IRYStec was a strategic merger. Dr. Yassini was appointed as CEO, and President to execute the business plan that would provide the IRYStec employees the best chance to continue their dream, investors the best chance for successful exit strategy, and potential customers with continuity of IRYStec products.
In April 2020 after a nearly 7 month effort, in the midst of a global pandemic, considerable market meltdown and decline, Dr. Yassini finalized the strategic merger and acquisition of IRYStec by Faurecia, a global leader in automotive technology companies based in France.
Russell Samuels, a partner with Whitecap Venture Partners, the lead investor in Irystec, expressed his appreciation for all that Dr. Yassini was able to accomplish. “I had the pleasure of working closely with Rouzbeh during his time as the Executive Chairmen and CEO of Irystec. Rouzbeh provided the company with strong leadership, deep industry knowledge and focus. Under extremely challenging macro economic condition (COVID-19 pandemic), Rouzbeh successfully guided the company to an acquisition by Faurecia. He personally led all elements of the M&A process and I cannot understate how impressed the board was with his capabilities and his relentless determination to achieve a positive outcome for all stakeholders (employees, shareholders and the acquiror). The sale process was executed without hiring an investment banker or agent. Rouzbeh went over and above at all times to ensure that Irystec succeeded.”
In addition to the unparalleled victory of completing the sale of a company during a most challenging global economic climate, there is also a tremendous victory in Faurecia IRYStec Inc. representing a win/win/win for customers, employees and the intelligent Display market. Employees and the board of directors of IRYStec, also thanked Rouzbeh profusely for this unbelievable achievements and contributions to IRYStec, accomplished over such a short period of time with words such as, ‘accomplishment”, ‘determination’, and ‘relentless commitment”.
The purchase by Faurecia will build on the IRYStec technology and is a great milestone for IRYStec customers, employees and market as it will allow industry core innovation software to focus on making displays intelligent and user experience innovation under the watchful eye of one of the most experienced automotive technology companies with a worldwide footprint.
Faurecia is a French global automotive supplier in the western of Paris. In 2018 it was the 9th largest international automotive parts manufacturer in the world and #1 for vehicle interiors and emission control technology.