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SLF backs Fife company

Software firm Paywizard gets £3.5m loan support

BT SportA Fife technology firm which manages subscriptions for pay television has secured a £3.5 million package of support for its overseas expansion.

Paywizard, based in Kirkcaldy, is targeting emerging markets in Africa and South America after receiving the finance from the Scottish Loan Fund, managed by private equity firm Maven Capital Partners.

The software developer, whose customers include BT  Sport, Setanta Sports, NHK Cosmomedia Europe and NBC Universal, has also named former BT Entertainment boss Andrew Burke as chairman as it targets

David Milroy, investment director at Glasgow-based Maven, said: “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 personnel to achieve this.”

The Scottish Investment Bank, the investment arm of Scottish Enterprise, is the cornerstone investor in the SLF.

Deputy First Minister, John Swinney, said: “This investment will help the company to expand and ensure job security for employees. This is very positive news for Fife after recent job losses.”

Adrian Gillespie, managing director, Scottish Enterprise and member of the Fife Jobs Taskforce, described it as “a fantastic boost for the Fife area and complements the work of the Fife Jobs Taskforce in attracting additional investment to the region.”

Michelle Kinnaird, investment director at Scottish Investment Bank, added: “Paywizard is a great example of an ambitious local company with global potential.”

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