What does RMS do?
While the business originally focused on drone technology, RMS has now turned its gaze squarely on remote monitoring software after last September’s purchase of a controlling stake in GyroMetric, a firm that develops technology to digitally assess rotating shafts.
Upping its stake to 57.8% from 36.9% for £273,600 led the board to change the group’s name to reflect the new focus, with its wholly owned Geocurve survey and inspection unit put up for sale.
How is it doing?
GyroMetric has won contracts with Tarmac to monitor the mill drive at a cement works, with Clarke Energy for a pilot plant project to spot potential problems before they occur and with an unnamed global leader in marine propulsion systems.
More recently, the company has also launched itself into intelligence and security with the acquisition of high-flying startup Cloudveil which provides security, intelligence and risk management services.
The group raised £350,000 in an April share placing to support the growth of GyroMetric and Cloudveil, having seen an “unprecedented level of enquiries” for the latter’s services over the past two months.
Cloudveil recently won a contract on the security programme of a prominent London academic institution, is assisting two large UK security guarding firms to manage risks associated with the coronavirus pandemic, is engaged in “detailed discussion” about commercial terms with a number of other potential customers, and is currently bidding to provide a security testing programme to one of the largest public sector institutions in the UK financial services sector.
- In September, the company acquired risk management business Cloudveil for £130,000 with the intention to develop a new intelligence and security division.
- Cloudveil already has partnerships with steelmaker ArcelorMittal as well as government agencies and defence forces in Afghanistan, Iraq and other locations in the Middle East.
- Sale of Geocurve surveying business
What the boss says
Chairman Nigel Burton said of the Cloudveil acquisition: “We’re very excited about the opportunity to turn a small acorn into an oak, just as we’re hoping we’ll do with Gyrometric.”
“Gyrometric continues to find new markets and applications for its unique technology, some of which have become apparent only recently. This process of exploring new applications continues apace and we expect to provide further updates to shareholders as matters progress.”