Manchester, UK, 1 June 2005 â VXL Instruments, one of the worldâs leading manufacturers of Windows based Terminals and Thin Client devices, has announced a further equity investment of just under $2m. This latest investment, led by Priya Ltd, a publicly quoted computer and chemical distribution company based in Bombay, India, alongwith a Trade Finance arrangement has given the company the required financial muscle to meet its rapidly increasing order book. This will further boost VXLâs aggressive expansion plans and growth strategy as it aims to increase its share of the global Thin Client market to 25% by 2007.
Arun Bhuwania, Chairman & CEO Priya Ltd who has been appointed Chairman of VXL said, "Weâve had a strategic relationship with VXL for many years and have been impressed by its technology direction and innovation in the Thin Client market. And with analysts predicting significant market growth over the next few years we feel that VXL is ideally placed to take advantage of this and therefore see our investment as a sound business move." "This latest investment is a fantastic boost for VXL and further fuels our aggressive growth strategy of doubling our market share over the next 2 years," commented Frank Noon, Vice President, Sales, "The increased investment is clear testimony of the marketâs confidence in VXLâs strategy, technical innovation and market direction as we continue to grow our presence in the burgeoning global Thin Client market."
The new export initiatives will be based out of VXLâs new European head offices in Carrington, Manchester, with some of the investment being used to enhance VXLâs supply chain management and logistics capabilities with an increase in storage space at its Manchester distribution centre. The distribution centre will satisfy demand for VXLâs existing Itona TC35xx series of Thin Client terminals as well as its new TC36xx series of 1GHz devices, reducing delivery times by 70% from 5 weeks to 10 days. Noon concludes, "The combination of the trade finance tie-up, the latest financial investment, improved logistics and supply chain management, new innovative products and an aggressive sales strategy, means we are ideally placed to take advantage of the strong market shift toward Thin Client solutions away from traditional PCs. We fully intend to capitalise on this trend."