Rick Egan, President and CEO of Simtrol, participated in an interview with StockHouse. StockHouse is dedicated to increasing exposure for emerging OTC companies in the fast-paced market.
When asked for a brief overview of what the company does, Rick Egan replied that Simtrol develops scalable software solutions that cost-effectively manage disparate devices. The software can be used to control, monitor, diagnose and schedule the activities of thousands of disparate devices like cameras, audio processors, plasma displays, videoconferencing microphones, video switchers, sensors and imaging equipment across hundreds of locations.
He believes the marketing opportunity for the company is very large. Analysts estimate that the worldwide IT market for digital media is $30 billion. Simtrol’s technology is welcome in the market because many users will be required to simultaneously scale and deploy disparate devices from a variety of manufacturers; this offers a great opportunity for Simtrol to capitalize on the market.
Rick Egan stated that the business strategy is simple and opportunistic. They are targeting the Healthcare and Government markets because of their urgent demand to improve the efficiency and productivity of their device-rich environments.
With over 50,000 operating rooms in the United States, it is estimated that the revenue potential for Simtrol’s software is $200-$300 million. The company plans to license its software to medical companies who would embed Simtrol’s software into their advanced operating room solutions.
Simtrol is unique from their competitors because they have a software approach instead of a propriety hardware approach. History has proven that proprietary hardware companies lose to open software companies that leverage COTS hardware.
In this year alone the company has added depth to the management team, completed a recent financing of $3.525 million to accelerate product development, sales, marketing and operations efforts, formed a partnership with a key IBM business partner to deliver Simtrol’s Curiax digital arraignment software to numerous county, state and regional governments and signed a value-added reseller agreement with Science Applications International Corporation.
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