Object Matrix (Cardiff)

Origins

From the start of the company, the team recognised the growth in data that companies would need to be able to keep and the challenges of how to achieve that. Object Matrix solves the problem of how to store large amounts of data in a secure, controlled and scalable manner. During the first seven years, Object Matrix had the challenge to first build a world-leading product and then to take that product to market. The founders of the company had strong technical backgrounds but the team was only strengthened later on in the areas of sales and marketing.

Success Factor

Object Matrix focused in on one industry vertical for data storage (the creative industry) and found local Welsh customers willing to champion the product. The creative industry has changed dramatically over the past few years, moving away from tape based workflows to digital ones (due to digital cameras) and the development of new and data storage hungry formats such as HD, 3D, 2K and 4k. Media organisations now are more aware of the need to sell and use their productions in multiple ways in order to extract the maximum revenue from those productions. As a result of this business model, Object Matrix stopped selling software only and started selling plug and play devices instead.

The Future

The founders believe that Object Matrix is only beginning to scratch the surface of where it can go to and aim to drive sales to over £25m per annum within 5 years. This will be done by going worldwide and the company has started to roll out its sales model into Europe, which has already resulted in an initial €200,000 deal to TV France (French equivalent of the BBC) which was won against several other leading storage companies. The company also aims to build on recurring revenue - sales in the 2012 financial year including 50 per cent of existing customers re-ordering extra storage – and to also win larger deals. Finally, Object Matrix is developing a Quattro product that is targeted towards partnerships with other companies and early interest in the product with partners has been extremely strong. It will cross-sell into new verticals as it is inevitable that some partners will attempt to sell MatrixStore into other sectors.