A new name for Malaga-based hand held point of sale technology firm TriniTEQ has galvanised the firm’s global expansion plans as it looks to capital markets to grow its presence across Europe and the US.
Established in 1997 by current managing director James Vote under the name PalmTEQ, the company originally set out to manage the distribution rights of the Uniwell Corporation’s range of electronic cash terminals and software.
With Mr Vote’s extensive background in the hospitality industry, the company developed its innovative integrated hand held ordering and point of sale solutions, providing both the hardware and the software.
In 1999, the first generation of its hand-held product, the WaiterPAD, was successfully deployed into the local restaurant market at Matsuri Japanese restaurant.
Today, WaiterPAD is deployed in more than 5,000 sites around the world, with each site carrying from three to 25 hand held units.
The company has also grown to more than 70 staff globally across its Australian, US and UK operations.
Chairman Chris Higham told WA Business News the company had grown dramatically in recent years.
During the past 18 months, the firm has opened offices in Brisbane, Liverpool and California, and added dealers in Indonesia, Singapore and the United Arab Emirates to its extensive global dealer network.
This financial year the company achieved a major milestone, reaching a turnover of $10 million.
Now, the firm is eyeing private equity to fund a significant expansion across the key markets of Europe and the US and building on its existing global infrastructure.
It is also keen to secure a manufacturing base, most likely in Dubai.
“We’re now at the precipice of a major expansion,” Mr Higham said.
“Because we have large infrastructure in England and California and Australia, we now have a truly 24-hour global organisation.
We’ve finally got to the point to be able to restructure our support models and overcome the need for three full-time models in each zone.” “In the long term we’ll be aiming to raise substantial amounts of money to expand the company’s opportunities through trade sales, but also to be able to expand our manufacturing and distribution capacity and gain efficiencies from scale.” Mr Higham said the firm has received interest from parties based in the UK who want to list TriniTEQ on London’s Alternative Investment Market.
Last year, the company abandoned plans to list on the Australian Securities Exchange due to high volatility in the markets, instead seeking private equity funds to assist its growth plans.
