|Taxi Driver Online
|Sigtec Announces Acquisition of Raywood
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|Author:||Radioman [ Sun Mar 04, 2007 8:58 pm ]|
|Post subject:||Sigtec Announces Acquisition of Raywood|
Melbourne, March 2007
The mobile computing solutions firm, Sigtec, today announced it has acquired its major competitor, Raywood Communications for an undisclosed sum.
Sigtec specialises in wireless business data solutions, typically used in fleet management, vehicle tracking and related services to the taxi and commercial transport industries. Raywood offers wireless dispatch solutions, GPS vehicle location systems and in-vehicle security systems to similar industries. Raywood’s management team will remain with the company.
Sigtec’s Managing Director, Mr John Thompson, said the acquisition was his company’s most important initiative of the past decade.
“This effectively doubles the size of our business and gives us a sound base for expansion in Australia and overseas. Raywood also adds value in the form of its considerable export strength. Eighty-two cents in every dollar generated by Raywood is export revenue - a significant achievement for an Australian company,” said Mr Thompson.
“With the critical mass that we will achieve through this acquisition, we will be able to invest more aggressively in R&D and in further expansion.”
“The combined businesses generate well in excess of $20 million in sales and our objective is to grow from this base over the next two or three years through further acquisitions,” he said.
“Both companies are well regarded in the Australian market, particularly in the taxi industry where we provide computerised job dispatch solutions. We also offer Global Positioning (GPS), field data, and freight tracking related services to the commercial transport industry. “
“Our technologies are world class and we see many opportunities for global expansion. Raywood is an Australian-owned, Australian-run company that manufactures in Australia, so we see this as a great success story,” he said.
Raywood Chief Executive Officer, Stuart Palmer, said he was very excited about the integration of the two businesses, and was looking forward to commencing immediately.
“Both Sigtec and Raywood have many valued customers, and we’ll be discussing with them how we can best use the assets and services of both our companies to best serve their needs in the future,” Mr Palmer said.
Sigtec was founded in 1982 and is based in the outer Melbourne suburb of Seaford. Sigtec markets its solutions in Australia, New Zealand, the United Kingdom, Singapore and Indonesia. The company is majority owned by Kestrel Capital, a Sydney-based private equity firm.
Raywood was established in the late 1970s and is based in Dandenong, an industrial centre in Melbourne’s southeast. The company’s markets are Australia, the Middle East, Europe and North America. It was previously owned by Startronics and Gresham Private Equity.
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