PrismTech Ltd , Stirling, Scotland
This company was a software tools business that was struggling to compete against bigger, more established competitors with revenues stagnating and major cash flow problems. After meeting with management and considering the opportunity for the business, Cairns joined the board as Non-Executive Chairman, before taking an equity position and moving to an acting executive role.
Cairns managed the transition of a failing company to one with clear focus, secured £3m of debt & equity to fund an aggressive R&D program and re-positioned the business to capitalise on the emerging ‘IoT’ space with a real-time industrial internet messaging platform. The company’s new Vortex product was launched as an evolution of its original tools product line that already had an international customer base in the USA, Germany, France, Brazil, China, South Korea and India. The company reported a profitable $17m turnover in the 2013-14 financial year after which Cairns led the company’s sale to ADLink Technology of Taiwan in December 2015.