An innovative Scottish technology company is to expand its global reach after agreeing a financial deal with Clydesdale Bank.
Perthshire-based business this-tel offers a range of digital pen and paper products to enable organisations with paper-based systems to operate more efficiently – is to begin exporting to the Middle East, and has appointed an agent in Qatar to help develop new business partnerships.
At present this-tel, which was established in 2005, exports a range of its cutting edge technology products to Europe, Africa and Malaysia, with exports accounting for approximately 40% of its annual turnover. By exporting to the Middle East, the company’s Director, Steve Forsyth, expects to grow the export side of the business by approximately 20% over the next three years.
After establishing itself in the UK market by winning a contract with ALSTOM transport in 2005, this-tel began exporting to mainland Europe in 2008. This was followed by Malaysia in 2011, and earlier this year the business entered into a contract with the World Bank to assist with the upgrade of Nigeria’s public services.
Clydesdale Bank provided the firm with a six figure financial package to support its international growth aspirations through its Investing for Growth Strategy – an initiative which helps successful firms to expand and develop. Investing for Growth offers both new and existing business customers a dedicated planning service and a more flexible approach to lending.
Steve Forsyth commented: “this-tel has grown year on year since the company was founded seven years ago. The export side of the business is absolutely key to our ongoing development, and we are very excited about getting our operations in the Middle East off the ground and expanding into this new region.
“Over the next few years, we are also keen to begin exporting to America and to further develop our relationships with businesses and public sector organisations in Africa and Asia. These latter two regions are showing extremely encouraging signs of economic growth and we are eager capitalise on this – as we believe they have huge potential for our business.
“As with the other countries we export to, we will trade with organisations in the Middle East through appointed distributors and agents, and also by exhibiting at trade shows.
“Clydesdale Bank has played a key role in helping us in the process so far – the team has been incredibly professional and straightforward to deal with. As we aim to expand our global business operations, we are looking forward to developing our working relationship with the Bank.”
Grant Bett, Business Development Partner at Clydesdale Bank’s Glasgow Financial Solutions Centre, said: “this-tel is a really exciting Scottish business with serious growth ambitions. It already boasts a very successful export division, and there is no doubt that the Middle East will offer many more lucrative opportunities for the company.
“Clydesdale Bank is committed to supporting small to medium sized companies like this-tel as they develop, and we are really pleased to be able to work with Steve and the team as they extend their geographical reach to the Middle East.”