PERTH-based retail solutions company SignIQ will actively market its in-store signage software in the US on the back of $3 million investment by Sydney-based Newport Technology and WA-based Foundation Capital.
SignIQ, which is the trading name of Metamorphiq, already operates an office in California and its sales have come close to AUS$1 million since it opened in mid 2002.
SignIQ company secretary Mark Holler said the company expected to achieve AUS$4.5 million in US sales over the next 12 months.
“The investment allows us to ramp up the US sales. We will be putting on more people and going to the tradeshows,” Mr Holler said.
Mr Holler said SignIQ’s end-to-end solution had proved successful in Australia and New Zealand and its growing customer base has proved instrumental in attracting recent funding.
“The technology has been around in various forms since the early nineties but at that level it was really just one guy doing it all. It has only been the past two years that it has come along,” Mr Holler said.
“It has been internally funded up until now. That has been through sales and the directors putting their hands in their pockets but now it is at the next step. We needed investment capital to expand in the US.”
Last September retail giant Woolworths became one of SignIQ’s largest Australian clients and Mr Holler anticipates more Woolworths’ signage software sales later this year.
SignIQ also operates in New Zealand and its 450-client base includes David Jones, Harvey Norman, and New Zealand-based The WareHouse Group.