L-R David Neate (SCF), David Keene (RDM) and Justin Sparks (SCF)

Springboard Corporate Finance has successfully advised RDM Group, a Coventry based, leading niche designer and manufacturer of electrical, mechanical and trim related systems to the automotive sector, on raising £4.75 million to provide development capital for the future development and roll out of Auto-txt, a new car security and communication product.

RDM Group began developing Auto-txt, a stolen vehicle protection and tracking system, in 2001. Auto-txt is unique in that driver recognition is achieved through the driver’s personal Bluetooth mobile phone or PDA. Auto-txt was the first tracking system available in the market to have been awarded Thatcham Category 5 accreditation, the new insurance industry standard which is also backed by the police.

David Keene, Group Managing Director and founder of RDM Group commenting on the fundraising said: “The additional funding from Catapult will enable us to continue to develop other applications through our Auto-txt communications platform”.

“Springboard Corporate Finance promised to provide a premium and highly professional service with value added advice. They delivered more than they promised and exceeded our expectations on all counts. They shared our commitment and drive to make our deal happen. I would have no hesitations in recommending them”.

The transaction which was led by Justin Sparks on behalf of Springboard commented, “RDM Group has successfully developed Auto-txt from its own resources and this round of equity funding will enable the business to fully capitalise on its potential. It is important for a successful and thriving West Midlands economy that high growth businesses, like RDM, attract funding.”

Posted: 1/12/2005