Queensland company Moreton Bay Ventures has secured a lucrative, long-term deal with global giant Gateway to supply its premier product, multi-port modems.
Moreton Bay is in the process of delivering the first shipment of RAStel modems worth $350,000 to the US where Gateway will use them in its servers.
"We have shipped the first lot of modems and hopefully it is the beginning of an ongoing relationship," said Bob Waldie, chief executive officer of Moreton Bay.
Moreton Bay will rely on this infant relationship with Gateway in the US to fuel the adoption of its RAStel modems in Australia and Europe, where it has recently received certification.
Waldie explained that the multi-port modem market was still rudimentary and valued it at approximately $20 million. However, Waldie anticipates it is set to grow on the back of Microsoft Windows NT integrating RAZ and communication software, with Moreton Bay positioning itself to expand globally on this mainstream adoption. "We set up the company to focus on this market in particular and this shows in our products," said Waldie referring to Moreton Bay's success.
In addition to Moreton Bay utilising its Gateway contacts directly, the deal has already encouraged other US companies' interest in the startup Brisbane innovator.
Viking, a manufacturer of modems and communications devices, will partner with Moreton Bay to distribute and use the RAStel modems. "Viking is planning on making more complex communication devices and will use our products to do this. The reason they were interested in the first place is because the Gateway deal has lent us an air of credibility. Before this we were just a very small company," said Waldie.
With these deals under his belt, Waldie is examining new opportunities for Moreton Bay, including the possibility of floating on either the ASX or NASDAQ, or remaining a private company. "We are looking at all the possibilities and talking to a number of people."