SkyeTek Bolsters Financial and Organizational Resources
Market and Company Momentum Fueling Expansion of Sales, Marketing, and Capital Resources
May 31, 2006 – Westminster, Colo. – SkyeTek, the leading provider of embedded RFID reader technology and developer of ReaderWareTM, today announced the availability of a $2.5M credit facility from Square 1 Bank and key additions to its marketing and sales organizations.
The growth in customers embedding SkyeTek’s reader technology as a feature in their products continues to accelerate. Over the last 4 quarters, SkyeTek’s hardware and software sales have grown nearly 100% led by a strong Q1 in which sales grew nearly 50% over Q4. Demand has been brisk for SkyeTek’s Advanced Universal Reader Architecture (AURA), which is increasingly found in applications such as anti-counterfeiting, consumables authentication, item-level inventory, patient safety, patron management, and point-of-sale payment.
"Success in venture lending is highly dependent on developing client relationships with emerging leaders in large market spaces," said Richard Casey, Founder and CEO of Square 1 Bank. "SkyeTek fits our criteria to a tee. The company is backed by a syndicate of top-tier venture capital firms, directed by a seasoned executive management team, and successfully executing on its strategy to capture the large, rapidly growing embedded RFID market."
Charged with advancing SkyeTek’s strategy is Martin Payne, who recently joined SkyeTek as VP of Marketing and Strategy. In addition to corporate strategy, he is also responsible for market awareness, lead generation, and technology alliances. Payne comes to SkyeTek from Sun Microsystems, StorageTek, and Dell Computer where he held senior positions in marketing, product line management, strategy, and business development. He has led the successful development and launch of product lines into direct and multi-tier sales channels, such as Dell’s Axim handheld computers and StorageTek’s StreamLine portfolio of enterprise storage. In addition to 12 years of experience in technology markets, Payne also holds an undergraduate degree from the US Air Force Academy and graduate degrees from the University of California-Berkeley and Harvard Business School.
“Since 2003, we have offered a horizontal reader technology platform, comprised of software and hardware, that allows RFID to become a feature in products used in numerous vertical markets,” noted Rob Balgley, CEO of SkyeTek. “The market has been very accepting of our technology and value proposition. We have recently added experienced new-hires to sales and marketing that will help us build the leveraged go-to-market model needed to continue our growth trajectory, but on a much larger scale. The credit facility from Square 1, moreover, gives us the financial wherewithal to immediately capitalize on incremental market opportunities should we decide to address them.”
In March, SkyeTek announced the hiring of Chris R. Turner as EVP of Sales and Business Development. Since then, Turner has put in place a worldwide sales organization focused on building channel partnerships with leading semiconductor manufacturers, ISVs, OEMs, and distributors. Joining an already successful sales team are seasoned professionals that will occupy geographic leadership positions underneath Turner. These new-hires bring enterprise IT experience from companies such as Akamai, AOL, Intelliden, Micromuse, and Network Associates.
To learn more about SkyeTek, AURA, ReaderWare, ReaderDNA, or any of its SkyeModules, visit www.skyetek.com, send an email to sales@skyetek.com, call 720-565-0441.
Photos available upon request.
About SkyeTek, Inc:
SkyeTek delivers stand-alone and embedded reader solutions that make RFID work easily, reliably, and economically for enterprises and OEMs. SkyeTek offers a complete line of both HF (High Frequency, 13.56 MHz) and UHF (Ultra High Frequency, 860 - 960 MHz) readers that can be used in a multitude of unique applications. Contact Sales today to see how we can make RFID work for your application. SkyeTek is a privately held, venture-backed company headquartered in Denver, Colorado, with sales operations in North America, Europe and Asia. For more information, visit www.skyetek.com.
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