MarineMTS targets eight-figure sales growth with funding deal

A Stonehaven-based marine technology firm has agreed a multi-million-dollar funding package that could unlock eight-figure sales growth.

Managing director Wynne Edwards said the deal will take MarineMTS 'to a new level. Picture: Ross Johnston/Newsline Media

MarineMTS has struck the equity funding deal with SRH Marine Electronics, which could help the Aberdeenshire firm reach some 15,000 vessels that could benefit from its latest technology.

The resultant trade could net the firm $16 million (£12.3m) in licensing revenue for its “Silverbox” technology over the next three years.

Athens-based SRH Marine will control 40 per cent of MarineMTS through a parent company, SRH MarineMTS, and will help the Scots company grow its overseas presence and expand global sales.

The initial investment, for an undisclosed sum, will be used to expand the business in Scotland, with plans for new offices in Aberdeen and a control centre in the Central Belt. MarineMTS also plans to launch a global hub in Houston, Texas.

Wynne Edwards, MD of MarineMTS, said: “This deal takes MarineMTS to a completely new level, opening up access to a new customer base through the partnership with SHR Marine Electronics with its established reputation and customers all over the world.

“More importantly, our business will benefit significantly from their vast trading experience in the global marine sector, while being able to retain and grow our operational home in Scotland.”