US the promised land for hi-tech success

By PETER RANSCOMBE
Published on 24/06/2012 01:53

SCOTLAND’S £4 billion technology sector should be turning its attention to the other side of the Atlantic to export products and services, according to a report due to be published this week.

The United States remains the most attractive country for technology business expansion, according to the study by accountancy firm Grant Thornton.

China was ranked in third place in the attractiveness league table, with other emerging economies in India and Brazil in sixth and seventh respectively. The UK was ranked second.

Neil McInnes, head of corporate finance in Scotland at Grant Thornton, said: “For many Scottish technology companies the challenging condition of the Eurozone is inspiring a look at further horizons.

“The fast-growing tech-friendly economies of India, Brazil, China and Israel offer comparatively huge opportunities.”

Polly Purvis, executive director at trade body ScotlandIS, said a number of Scottish firms were already enjoying success in the US and the Far East. She highlighted FanDuel, which operates fantasy sports games in the US, and flight comparison website Skyscanner, which has opened a base in Singapore. Both firms won prizes at the trade body’s awards last week.

Purvis said: “Both are great examples of Scottish companies that have aggressively targeted international markets and achieved significant growth.”

Dunblane-based technology firm This-Tel aims to grow its exports by 20 per cent after landing a six-figure financing deal from Clydesdale Bank.

This-Tel – which already does business in Africa, Europe and Malaysia – will push into the Middle East using the funding. The firm has a deal with the World Bank to help upgrade public services in Nigeria.