Tue 28 Nov 2006
Sydney security firm eyeing Middle East
Security needs in the Middle East are being targeted by an Australian technology company after it received a $9 million injection of funds.
Defence, commercial and government security needs in the Middle East are being targeted by an Australian technology company after it received a $9 million injection of funds.
Sydney-based BQT Solutions Ltd, which specialises in biometric security services, said it had sold a third of its shares to two investors, including Dubai's Falak Holdings and Capital Trust Holdings AG of Switzerland to raise the capital.
BQT Solutions managing director John Genner said the $9 million deal paved the way for the six-year-old technology company to expand its security products - which include retinal scanning, facial recognition and fingerprint identification - into Dubai, United Arab Emirates, the Middle East and Africa.
"Security is an issue impacting every day Aussies," Mr Genner said.
"As a result 9/11 has effected security requirements, with the US government (increasing) the need for security.
"Governments are affected first and then commercial after that and we help the big ones.
"From the removal of bins on ferries through to extra time it takes to board a plane, it's another level of magnitude to this new market that BQT will now move into." The funds will provide the capital for a new office and training centre in Dubai and help service new and existing clients, Mr Genner said.
"It will become a major training centre for all distributors," he said.
"In the next 12 months we think we will quadruple in size.
"Businesses need help with security and we will provide that."
The office is expected to open by early 2007.
BQT currently provides security services for banks, defence and telecommunication companies like the Department of Defence, some Victorian prisons, Qantas and several Sydney North Shore hospitals.
The company also has offices in Los Angeles, London, Brisbane and Shanghai.
Falak Holdings, headed by group chairman Abdulrahman Falaknaz, is one of three partners building a multi-billion dollar real estate and sports facility development in Dubai.
Mr Genner said Falak Holdings was keen to develop and expand BQT within in its diversified business activities.
BQT issued 120 million shares at eight cents each with a listed option with an exercise price of eight cents for each share.
BQT Solutions shares ended at 12 cents, up half a cent.