Posted: 10 June 2024

Spotlight on ... Techex

Spotlight on ... Techex

In our occasional series, we take a look at the companies we invest in, what we look for and how we deliver value creation. This time around, Tim Whittard and James MacLeay tell us a little about Techex, a leading broadcast design architect in which we invested in June 2022.

  • Tell us a little about Techex.

Techex is one of the UK’s leading broadcast design architects for the transmission of live content through cloud and IP broadcast media. Its solutions underpin the highest profile events in live content, (including the Superbowl, Premier League, and many other sports events). The company designs, commissions and supports live video solutions leveraging its own IP and deep relationships with the most innovative broadcast technology and media companies.

Initially founded in 1972, Techex has evolved from its historic position as a provider of third-party solutions to a cutting-edge broadcast media software company creating award winning software products, such as tx-darwin and tx-edge.

The business is headquartered in Bracknell, and has a global reach, with operations in the US and customers across the world. It has a highly skilled and motivated workforce led by CEO, Scott Kewley.

  • When and what did WestBridge invest?

WestBridge invested in June 2022 alongside the vendor Richard Bailey, (who remains actively involved in the business as CPTO). As part of its investment WestBridge ensured there is a suitable level of sweet equity to incentivise future leaders and rising stars within the organisation. In addition, as WestBridge does in all its deals, we provided additional ringfenced capital to accelerate the future growth of the business through the WestBridge Value Creation Model.

  • What was it about Techex that appealed to you?

Techex excels in a niche sub-sector of the broadcast media value chain, with exceptional proprietary IP and embedded relationships with large tier-1 global broadcasters. The business presented an opportunity to work with a highly skilled management team to deploy the WestBridge Value Creation Model and take advantage of the clear opportunity to grow in both the UK, European and US markets. This is something the team have been effectively rolling out since investment.

  • How is WestBridge adding value?

WestBridge has an embedded approach of working in partnership with management teams to accelerate the growth of an organisation. At Techex, together we have undertaken a programme of leadership team augmentation, bringing in software specialist chairman, Mark Sutherland at the time of the deal to support the existing management group. In November 2023, Scott Kewley joined the senior team as CEO, enabling Richard Bailey to move to the role of CPTO. Further team development has taken place through the recruitment of senior sales team members focused on sales across the USA and South America.

In addition, the team has worked with Sales and Marketing specialists Bridge F61 on a new go to market strategy focused around Techex positioning at the centre of “New Broadcast”. This was rolled out and well received with the release of Techex software product tx-darwin at IBC in 2023.

Importantly, Techex has also worked with ESG specialists, Sustainable Advantage, to produce a net zero plan for the organisation and set annual targets that the company reports against.  

Alongside this, the team has been investing in upgrading their systems and processes to streamline operations.

These initiatives will ensure the business has the right platform in place to accelerate growth across the medium and longer term.

  • And what of the future?

The sky is the limit for Techex. The business continues to deliver its software solutions for global Tier-1 broadcasters across multiple geographies. Its new product tx-darwin was recently launched to much excitement in the US and has resulted in significant new opportunities for the business. In addition, the team continue to appraise strategic M&A opportunities that could further strengthen Techex proposition within the value chain.

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