RtTech Penetrating Global Markets
The fact that RtTech Software CEO Pablo Asiron has travelled this year to Kazakhstan, Australia and the Philippines to meet clients and sales prospects shows how successful the New Brunswick company has been in international markets.
Only 16 months old, RtTech of Riverview has developed software that helps companies become more efficient with energy and their machinery. Last May, it raised $750,000 in equity investment from the New Brunswick Innovation Foundation and a group of individual investors.
Since then, the company has expanded its sales and now has 40 clients in 11 countries.
“We’ve had a good first year and have brought in a little more revenue than we’d thought,” Asiron said in an interview.
The company was spun out of ADM Engineering, which had developed two proprietary products over eight years that were solving pain for large companies such as BHP Billiton, Barrick Gold, Rio Tinto, Flakeboard and Irving. However, the engineering consultancy found it difficult to develop and sell the products, so the ADM principals spun off the unit and placed Asiron in charge.
Its best-known product is its Real-time Energy Management Information System, or RtEMIS, which can pinpoint when and where part of a system is using excess energy. The company’s second product is the Real-time Downtime, Uptime and Event Tracking System, or RtDUET, which allows companies to examine specific processes to find the cause of downtime and poor utilization issues.
RtTech had been considering a third product, but Asiron said the company decided to put it on hold until later in 2013 so it could focus on developing and selling RtEMIS and RtDUET, both of which have been updated.
With assistance from the Atlantic Canada Opportunities Agency, the company has hired a graphic design consultancy to help with the design of its hardware and the visual presentation for people using the products.
Asiron said both products have been selling well and the company, which just completed its fiscal first quarter, has met its budget targets for revenue for fiscal 2013. The revenue outlook for the company is strong enough that it is not looking for more capital.
Its strong revenues are allowing it to continue growing. It has appointed sales reps for Australia and North America, and it is looking for a sales rep in Europe and a partner to market the products in Asia. The company is also hoping to hire two more developers.