Stream Technologies eyes sales rise after RSA grant
Glasgow-based Stream Technologies is looking to nearly quadruple sales in the next two years following a jump in headcount on the back of a regional selective assistance (RSA) grant from Scottish Enterprise.
The first instalment of the £200,000 grant supported a move in November to larger premises at Skypark, allowing staff numbers to rise from 13 to 32. Nigel Chadwick, chief executive and co-founder of Stream, said employee numbers will likely double again in the next two to three years amid surging demand for its mobile network software.
Set up in 2000, Stream has developed IoT-X, which allows companies to more easily manage the flow of data between intelligent machines, devices and systems. Known as the “internet of things” (IoT), growth in this automatically-generated data is being driven by the surging use of sensors in everything from appliances and automobiles to central heating systems and traffic signals.
“The rapid scaling and globalisation of IoT, with analysts forecasting six- to
tenfold numbers of connected devices between now and 2020, presents an unprecedented growth opportunity for Stream Technologies,” Chadwick said.
Staff numbers have grown as the company has added coders and strengthened its research and development team. From current sales of £5.5 million, Stream has set a “realistic target” £20m by 2018.
Chadwick said demand is from across the board, with particularly high growth in smart metering, insurance telematics, digital media and “smart city” networks.
Unusually for a technology company of its age, Stream remains privately-owned with no venture capital funding.