Tait Communications Looks for Outside Funding
Tuesday, May 08, 2018 | Comments

Private company Tait Communications announced it is seeking outside capital to enable it to “take advantage of significant market growth opportunities.”

“After three-plus years of targeted technology development, Tait Communications is breaking new ground in the fast-evolving digital space for mission-critical communications,” said Garry Diack, Tait Communications chief executive. “Global opportunities now exceed Tait Communications’ ability to respond, and growth capital is required. Monetizing some of the existing value of Tait will allow us to pursue these opportunities in a very competitive global market.”

To enable such external investment, Tait’s structure is being changed and under discussion with employees, suppliers, customers and other commercial partners, a statement said.

“The current ownership of the commercial business is by two New Zealand charitable trusts set up by Sir Angus Tait prior to his passing in 2008,” Diack said. “For a decade, this ownership arrangement has provided a stable platform upon which the company has developed to this point. Now alongside the trusts, external investment and partnerships are needed to take advantage of global emerging technologies to secure the future of the company he founded.”

Tait incorporated a new New Zealand parent company with the ability to accept external investment, and Tait is pursuing proposals for a minority investment in this new company, Diack said.

“The recent award to Tait of the Transport for London contract is prime example of the potential future markets for Tait technology,” he said. “This award was underpinned by the result of three years of dedicated research and development to take our traditional radio business into a software-enabled critical communications business. If we are successful in attracting additional capital to the business, it will be used to further drive these developments.”

Diack said the company would make progress announcements as appropriate.

Diack joined Tait as CEO in 2014. Tait entered an exclusive agreement with Harris in 2016.

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