Pace Micro Technology, the developer of digital TV technologies for the global payTV industry, has announced it has won the Queens Award for International Trade.
Pace wins the Award for the second time1 for increasing its exports by 251% over three years to £335m, which in the final year represented 81% of total sales.
Neil Gaydon, Chief Executive Office of Pace Micro Technology plc commented: “Winning the Queens Award for International Trade is testament to the tremendous work that has taken place at Pace over the last three years in broadening our international customer base and creating the best portfolio of payTV customers in the world.”
Over the last three years, Pace has won business in four new territories – Germany, South Africa, Canada and Turkey – and grown its operations in the US, winning business with the two largest payTV operators in the world.
Neil continued: “We had a long-term strategy to break into the US – the largest payTV market in the world. Two established suppliers had dominated the region for many years, creating high technological barriers to entry, and causing other global consumer electronics companies that had tried to enter the market to fail.
“At Pace, we took the time to adapt our technology for the US market, developed new software that bypassed some of the barriers put in place by the incumbent suppliers and developed strong relationships with the key players. We have gone from success to success over the years and now over half our revenues now come from the US, which helped treble our profits in 2007.”
Commenting on the achievement, the Queens Awards office said: “This outstanding performance was based on a well-focused marketing strategy, engineering expertise and a determination to succeed.”
Neil added: “The acquisition of the set-top box and connectivity solutions business of Royal Philips Electronics serves to further bolster our position as a world-leading digital TV technology company, by increasing our international portfolio of customers and bringing new technologies and products to the business.”