Paywizard gains 3.5MN funding for expansion

DetailsEditor | 30 July 2015

The Scottish Loan Fund (SLF) has committed 3.5 million of funding in support of pay-TV subscriber management firm Paywizard.

The SLF was established by the Scottish Investment Bank with cornerstone public sector funding from Scottish Enterprise, the European Regional Development Fund and Highlands and Islands Enterprise. Its cash injection will see use supporting Paywizard as it seeks to capitalise on what it believes are clear opportunities in the pay-TV and video-on-demand (VOD) markets by rolling out its software and services internationally. After revealing plans to enter the Asia Pacific market, Paywizard plans to target emerging markets such as Africa and South America.

Paywizard is also supplementing its board and executive team with the appointment of former Amino Technologies and BT Entertainment CEO Andrew Burke as chairman.

Explaining the rationale for the investment, David Milroy, investment director at SME finance firm and SLF fund manager Maven, said: "The Paywizard team has a strong track record in the UK, and via their Agile platform they are well positioned to capitalise on consumers' increasing appetite for viewing video content on multiple devices. The experience and support of Andrew Burke will be of great value to the company as they target international expansion and SLF funding will provide the necessary investment in marketing and specialist personnel to achieve this; we are very much looking forward to working with the Paywizard team."

Burke will work alongside Paywizard's co-founders Jonathan Guthrie and Ronnie Millar as part of a new management structure, helping operators maximise the potential of pay-TV services through targeted subscriber management and marketing.

"In today's television market, successful operators are focused on three key objectives improving their bottom line, reaching new subscribers and retaining the customers they have," Burke added. "With 17 years experience in the pay-TV market, Paywizard's knowledge and expertise is helping TV service providers of all sizes to meet and beat those objectives. I'm really excited to be part of Paywizard as we expand internationally and further develop our best in class platform."