Fife firm Paywizard secures new funding

Kirkcaldy-based Paywizard, the software developer specialising in subscriber management for pay TV, has announced it has secured new funding to build on the momentum of major client signings.

Newly published accounts show that the company’s sales fell by 11.6% last year to £5.9 million.

The company’s operating loss widened from £2.3m to £2.6m.

However, the firm, which also has offices in London and Singapore, is upbeat about the future as it recently secured a “number of major business wins”.

These include NHK Cosmomedia Europe in Japan, the Philippines’ leading media and entertainment organisation ABS-CBN and ITV Box Office, the live events pay per view arm of the UK broadcaster.

Paywizard chief executive Bhavesh Vaghela said: “We’re constantly innovating and showing great results for our efforts and this funding will support initiatives driving further innovation and international growth.

“We’re not only winning accolades but getting traction with key broadcast players around the world, as evidenced by our recent business wins – all while forging new partnerships that extend our reach and capabilities.”

Paywizard has been supporting subscription-based businesses for more than 18 years, helping more than 100 pay TV operators worldwide.

The firm recently won two ‘best of show’ awards at IBC 2017 – the premier international media, entertainment and technology event.

With more than 10 million customers acquired, its Paywizard Agile platform delivers advanced subscription, billing and customer relation management with performance marketing modules.

Picture: Steve Macdougall. Paywizard’s premises in Kirkcaldy.