Tyneside satellite communications firm secures multimillion-pound finance package to back international growth
Satellite services specialist Satcom Global has secured a multimillion-pound funding package to fuel growth plans with a new technology.
The £30m turnover Tyneside firm, which provides tech into the maritime, land and aerospace markets, has the backing of an eight-figure sum from Santander UK to take its AuraNow VSAT product to market. The high performance communications service gives seafarers access to broadband internet and allows ship managers and owners to upgrade or downgrade their service on-demand.
In the past, North Shields-based Satcom has provided third party hardware but the AuraNow technology now changes that and with it, opens up new customers. The 150-strong firm, which also has offices in Tokyo, Brisbane, Singapore, Thailand and the US, now says it is now targeting a 30% increase in revenue next year.
Read more: Mixed picture for cranemaker Liebherr’s Sunderland operation as it promises to invest
Ian Robinson, CEO at Satcom Global, said: “We’re delighted to receive funding support from Santander UK. It allows us to pursue our ambitious plans for global expansion and growth into new markets with our continued investment in the development of our innovative very small aperture terminal (VSAT) technology platforms and broadband satellite services.”
The funding secured will be used to support research and development activity, as well as pursuit of international growth plans. Ireland’s Arklow Shipping, which operates scores of bulk carriers, is among the the customers of the AuraNow VSAT tech, which allows crews to access the internet for uploading and downloading of documents, video calling, training, remote auditing and staying in touch with loved ones while at sea.
Laura Moorhouse, relationship director at Santander UK, said: “Satcom Global provides innovative satellite communications solutions to the global maritime industry and we are delighted to support its international growth plans. The business is a brilliant representation of the invention and technical excellence found within the business community in the UK’s North East.”
Satcom is owned by Broadband Satellite Services (BSS) following its 2013 acquisition and provides satellite communications services to customers operating in remote locations where conventional phone coverage is unavailable, including on cargo ships and fishing fleets. Users of its services also include airlines, aid agencies and oil companies. For 2021 the firm posted operating profits of £2.2m and said demand was growing as shipping operators sought more connectivity for crews.
READ NEXT:
