Paywizard set to expand internationally with £3.5m of SLF funding
The Scottish Loan Fund has committed £3.5m of funding in support of Paywizard, the Kirkcaldy headquartered specialist in subscriber management for pay-TV. The funding boost from the SLF will support the business as it seeks to capitalise on the growing pay-TV and video on demand markets by rolling out its software and services internationally. Having recently announced its launch into the Asia Pacific market, Paywizard plans to target emerging markets such as Africa and South America.
Paywizard is also supplementing its board and executive team with the appointment of Andrew Burke as Chairman. Andrew is a broadcast and digital media veteran, with previous roles including CEO of Amino Technologies and CEO of BT Entertainment.
David Milroy, Investment Director at Maven, fund managers to the SLF, said: “The Paywizard team has a strong track-record in the UK and via its Agile™ platform is well positioned to capitalise on consumers' increasing appetite for viewing video content on multiple devices. The experience and support of Andrew Burke will be of great value to the company as they target international expansion and SLF funding will provide the necessary investment in marketing and personnel to achieve this.”
Andrew’s market experience will prove a valuable asset to Paywizard. Having previously created and run BT Entertainment’s TV-over-Broadband initiative (BT Vision), chaired its Premium Rate Services activity, pioneered its Digital Media Services and led BT’s relationships with the media world, he will help steer the company as it grows its leadership in the global pay-TV subscriber management sector. He will work alongside Paywizard's co-founders Jonathan Guthrie and Ronnie Millar, helping operators maximise the potential of their pay-TV services through targeted subscriber management and marketing.
Andrew Burke, Chairman at Paywizard, said: “In today’s television market, successful operators are focused on three key objectives - improving their bottom line, reaching new subscribers and retaining the customers they have. With 17 years’ experience in the pay-TV market, Paywizard’s knowledge and expertise is helping TV service providers of all sizes to meet and beat those objectives. I’m really excited to be part of Paywizard as we both expand internationally and further develop our best in class platform.”
Jonathan Guthrie, CEO at Paywizard, added, “Our new investment, along with Andrew’s involvement, is a clear sign of confidence in Paywizard and in the role that advanced subscriber management has to play in the television market. With international deals in the pipeline, we are really showing operators how to build profitable pay-TV businesses.”
Scottish Enterprise’s investment arm, the Scottish Investment Bank, is the cornerstone investor in the Scottish Loan Fund.
Michelle Kinnard, Investment Director at Scottish Investment Bank, said: “Paywizard is a local company with a global potential and we are delighted that the Loan Fund is able to provide funding to support the company in its international ambitions.”