SRT Marine Technology in the News

17th July 2007 - Bristol Evening Post

Train journey turned into a thrilling ride

Software Radio Technology has grown from an ailing communications firm worth just £535,000 into a £41 million flagship enterprise with global recognition. PAUL MCLENNAN speaks to the company's managing director Simon Tucker about a truly remarkable business acquisition and turnaround.

When Simon Tucker boarded a train from Bristol to London five years ago, he overheard two businessmen complaining that the firm they worked for was failing.

By the end of the journey Mr Tucker knew he had to own that company and, standing on Paddington Station, he offered to pay £535,000 for it.

He now owns that same Midsomer Norton firm, and it is valued at an incredible £41 million.

Since Mr Tucker bought Securicor Wireless Technology, and renamed it Software Radio Technology (SRT), the business has gone from strength to strength and is one of the world's leading developers of advanced wireless digital voice and data technologies.

It [developes] communication technology for the likes of the US Coastguard, police and the Army.

Looking back on the memorable train journey in 2002, Mr Tucker said: "It was simply me being nosy.

There was a guy involved with Securicor complaining to his colleague that the company was failing. I listened to him for two hours on the train from Bristol to London and I said to him 'Instead of complaining why don't you buy out the company?"

"He said he didn't have the money so I said I would help him and we did the deal. In the end he didn't continue with the business, and that's how I became involved."

At just 37, Mr Tucker is one of Bristol's young entrepreneurs and has already owned and sold at least five companies - one of which he admits failed.

He said: "It's not the money that drives me, it's the freedom it gives and that's the same for the people who work for us.

"Everyone can see an opportunity - the difference is those who take it and those who don't.

"Investors have put money in and taken a risk, yet this year we are expecting to turn over £7.9m and make a profit of £1.9m.

"We bought the business as a going concern that was going to be closed down.

"We put a proper commercial strategy in place and were very clear as to what we were going to develop as a product and where it would be sold.

"We are very disciplined but we are very agressive.

"This business has had five years of backing from investors, the risk has gone and now we've got contracts all around the world.

"Five years ago we had no contracts or customers but we did not cut pay - instead we expanded to where we are today."

SRT is listed on the UK stockmarket and has offices in the UK and India.

It employs around 70 staff, 90 per cent of whom are engineers, and is looking to recruit 20 more.

Since 1987, SRT has developed some of the most sophisticated and innovative wirelss digital technology solutions.

SRT only sells to the professional market so woud not, for example, design the technology to go into regular mobile phone.

Among its main markets are professional mobile radio communications (PMR) and marine automatic identification systems (AIS).

PMR technology is commonly used by police, firefighters and military personnel.

It transmits voice data in a secure way and has been adapted by security forces in 85 countries.

AIS technology enables boats that are in distress to send a message to coastguards who can locate them anywhere in the world - down to the nearest two metres.

Aside from security forces and the marine market, SRT also provides the communication technology for Formula 1 racing cars, sending information such a temperature back to the pit lane.

The company, having been transformed in recent years, clearly still has more ideas in the pipeline and absolutely no intention of slowing down.