Software company DT Media is celebrating a double win this week after receiving a substantial investment from Finance South West and securing a deal to supply the German Air Force with software to reduce the risk of ‘friendly fire’ in battle*.
Totnes-based DT Media originally approached regional finance firm Finance South West’s Loan Fund two years ago. Finance experts at Finance South West have now decided to invest further from its Growth Fund, managed by YFM Venture Finance, and brought top multiple media expert and retired Royal Navy Commodore Doug Littlejohns CBE on board as a Non Executive Director of DT Media.
DT Media now supplies bespoke training, simulation and animation software products, including the Insight Combat ID recognition system and Fleetman naval trainer, to 17 military forces in 12 countries across the world. Around 90% of the company’s business is for export and customers include the USA, Australia and Oman as well as the Royal Navy and British Army.
Insight was designed to reduce the risk of fratricide, so-called ‘friendly fire’, and formed the basis of NATO’s prototype Combat Identification Training System (NATO CITS), produced in 22 languages. Naval experts have described the software as ‘the best recognition trainer we have ever seen’.
The Fleetman Naval Training System, for use in a wide range of training from navigation to action speed tactical training, has been used by the Royal Navy at the Waterfront Learning Centre in Her Majesty’s Naval Base, Devonport, since 2004. More recently it entered service at HMNB Faslane; HMNB Portsmouth; at the Maritime Warfare School, HMS Collingwood, and, further afield, the Royal Navy of Oman. Insight has been sold to 17 customers in 12 countries including the Australian Army, which uses the software throughout its training command.
DT Media has also created promotional animations for helicopter manufacturer AgustaWestland, including an animated 3D walk-around of its VIP Merlin helicopter.
Geoff Tompson, Managing Director of DT Media, is delighted with the Finance South West investment and is confident the German Air Force contract will lead to even better things.
“The Finance South West investment is fantastic as it has enabled us to expand our business at a faster rate than would otherwise have been possible,” he said.
“And the German Air Force is an important customer which will almost certainly lead on to bigger and better things for us.”
William Jenkins, Investment Manager for the Finance South West Growth Fund, said: “We are very pleased to be investing in a successful and forward-thinking company such as DT Media, which has some impressive customers already on board, and we look forward to playing a significant part in its future success.”
Legal advisers on the deal were Sam Billingham from Michelmores and Ed Probert from Foot Anstey, both in Exeter, and Charles Evans, who provided financial due diligence, from Francis Clarke in Plymouth.
Ends
Dated 21.06.07
Notes to Editors
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* The German Federal Office for Military Technology and Procurement has placed an order for multiple licenses of the Insight Recognition Training System. Designed by DT Media Ltd, UK, Insight provides multi-spectral interactive imagery in SCORM®-compliant distributive training format, using innovative recognition training techniques. The software will be installed on computer networks within the Officer School of the Luftwaffe, Furstenfeldbruck.
Finance South West
Finance South West is an £18 million investment fund that can provide commercial finance from £10,000 up to £1 million for buying, selling, starting or growing a business in the Objective Two area of the South West. The company also offers business planning services and mentoring through a network of qualified professionals and a panel of non-executive directors to help businesses achieve their goals. The Finance South West Loan Fund has invested £2.2 million in 46 small and medium-sized businesses, levering £3.75 million into the South West economy and safeguarding 160 jobs and creating 98. The Finance South West Growth Fund has invested a total of £3.3 million in eight companies, creating or safeguarding 160 jobs.
YFM Venture Finance Ltd (part of the YFM Group)
YFM Group is the UK’s most active investor in the small and medium enterprise marketplace. YFM Group manages in excess of £250 million of funds with investment sizes ranging from £50,000 to £5 million. YFM is located in Leeds, Manchester, London, Plymouth, and Bristol with over 40 investment professionals across the UK. In the South West, YFM Group manages the Finance South West Growth Fund and the South West Ventures Fund.
Doug Littlejohns CBE MBA has joined DT Media Ltd as a Non Executive Director. Doug is former President and CEO of Red Storm Entertainment Inc, a multiple media entertainment, training and simulation company in the USA. He led the company, with author Tom Clancy, to become the eighth biggest PC entertainment publisher in North America in less than three years and was acknowledged for his innovative marketing approach and sound strategies. Since returning to the UK, he has been involved at Board level with a number of companies in the IT, media and production arenas. The former submarine and frigate commander, and MD of Earl's Court and Olympia, will blend his business, software, security and military experience to support the growth of DT Media Ltd, which is based in Totnes at the former home of Charles Babbage, seen by many as the father of modern computing.
DT Media
DT Media provides high-quality, cost-effective, training, simulation and animation solutions.
Further information is available at:
www.financesouthwest.co.uk
www.dtmedia.co.uk
Contact
Stuart Elford, PR Director, Formedia, on: 01752 762121 or email: stuart@formedia.co.uk
Samantha McKay, PR Manager, Formedia, on: 01752 762120 or email: samantha@formedia.co.uk |
