Profitable Exterity completes funding round to accelerate sales expansion
Exterity completes funding round of £1.1m…
Edinburgh, December 2008: Exterity, a specialist in IPTV product development for building and campus TV distribution systems, today announces completion of a funding round of £1.1m that will accelerate its expansion in the UK and in key European and Middle East Markets. Existing lead investor Sigma Capital Group invested £800,000 alongside Scottish Enterprise’s Scottish Co-Investment Fund and the Scottish Borders based TRI Cap business angel syndicate who each invested £150,000.
Exterity develops and delivers innovative products designed to distribute television and video across building and campus networks, replacing limited traditional analog distribution systems with a flexible, scalable and cost-effective alternative. Exterity products are targeted at corporate, education, venue and hospitality markets where Exterity has established itself as a leading solution provider since it was founded in 2001. Exterity’s customers include media groups, banks, schools, universities, hotels, hospitals, airports, sports stadiums and government organisations in over 15 countries. Exterity’s new range of High-Definition and Video-on-Demand products respond to the growing demands that organisations make for their in-house TV and video distribution systems to delivery high-quality and detailed information to staff, customers, teachers, students, guests, patients and travellers. Additionally, for organisations seeking to reduce their carbon footprint, Exterity’s products achieve class leading energy efficiency for each channel delivered.
Colin Farquhar, CEO of Exterity comments:
“In the current global economic environment we have been exceptionally pleased with our business performance, growth and profitability. Our challenge has been to meet the demands of our rapidly expanding activities across the world, and we are excited to have the confidence and support of both our existing and new investors to allow us to accelerate and strengthen our presence in keymarkets in Europe and the Middle East.
Mark Hogarth, Investment Director at Sigma, said:
“We are delighted to have been able to support Exterity again as lead investor at this round. The company has made excellent progress since the last round and we look forward to working with the team as the business continues its growth. We are also pleased to welcome TRI Cap as a co-investor at this round and are delighted to be joined, once again, by Scottish Enterprise’s Scottish Co-Investment Fund.”
Robert Dick, chairman of TRI Cap, commented:
“TRI Cap members are delighted to have been involved in funding Exterity, which we see as a potential global player in its chosen sectors. We look forward to working with existing investors and with Exterity, and being part of its future success.”
Andrew Sloane, Senior Investment Manager at Scottish Enterprise, added:
“The Scottish Co-investment Fund is pleased to be able to continue its involvement with Exterity in this funding round. Access to investment is extremely important for dynamic Scottish companies like Exterity to accelerate growth and expansion. Through the Scottish Co-investment Fund, and our partners such as Sigma and TRI Cap, we can help make this happen.
END
4 DECEMBER 2008
NOTES TO EDITORS
About Exterity
Exterity Limited was formed in 2001 to create products to deliver broadcast quality digital video over IP networks within buildings. Exterity’s products represent a significant advance over the co-axial cable systems in common use today but are viable for deployment in large-scale video distribution systems. Exterity is headquartered in Fife, Scotland.
Visit www.exterity.co.uk for more information.
About Sigma Capital Group plc
Sigma Capital Group plc is an AIM listed UK based specialist asset management group whose principal business is investing in companies developing technologies relating to clean energy and energy efficiency. Sigma has two further subsidiaries; Sigma IP Ltd, which specialises in the commercialisation of Intellectual Property principally from universities, and Strategic Investment Management Ltd, which is a property investment business that was co-founded with one of Scotland’s leading IFA wealth managers.
Visit www.sigmacapital.co.uk for more information.
About TRI Capital Limited
TRI Cap, which is based in the Scottish Borders, was founded in 2005 with the intention of investing in growth businesses in the Borders and beyond. Its founders include some of the Borders’ leading business people who, between them, have many years’ experience of building and investing in enterprises in the Borders and further afield. Investments to date include: Lab901, EctoPharma, Turnbull and Scott, Syntropharma, Touch Bionics, Power Photonic and Factonomy.
Visit www.tricapital.co.uk for more information.
About Scottish Co-Investment Fund
The Scottish Co-investment Fund (SCF) is a £72 million equity investment fund established by Scottish Enterprise, and partly funded by the European Regional Development Fund (ERDF), to invest from £100,000 to £1 million in company finance deals of up to £2 million. Unlike a standard Venture Capital (VC) Fund or a business angel, the SCF does not find and negotiate investment deals on its own, instead it forms contractual partnerships with active VC fund managers, business angels and business angel syndicates from the private sector.
The private sector partner finds the opportunity, negotiates the terms of the deal and offers to invest its own equity cash. If the opportunity needs more money than the partner can provide, it can call on SCF to co-invest alongside on equal terms. The partner determines how much the SCF can invest in any new deal, however, the SCF cannot invest more than the private sector.
Media contact:
For more information, or to set up an interview with Exterity, please contact:
Sarah-Anne Bray or Laurie Glimmerveen
Wildfire PR
0208 339 4420
sarah-anne@wildfirepr.co.uk / laurieg@wildfirepr.co.uk