What’s the best way to export your product to a complex region like the Middle East? For RtTech, a small technology firm based out of Moncton, New Brunswick, hitching a ride with multinational manufacturing company Emerson Process Management has been their golden ticket.
The second largest automation company in the world, Emerson is using RtTech’s EMIS (Energy Management Information System) technology as the driving force behind their Energy Advisor product, which is making its way through many Middle Eastern markets. What does that mean for RtTech? Every time Emerson Process Management sells their Energy Advisor product, RtTech’s EMIS product gets sold along with it.
“Emerson brings to the table the experience and resources that RtTech doesn’t have yet,” says Pablo Asiron, CEO of RT Tech. “It’s a complex market to enter and they are already established in the region with hundreds of employees in the Middle East. Joining forces with an experienced multinational company means we get through the barriers to entry that they have already overcome.”
With eight employees, how did a small “David” of a company catch the attention of a goliath? Reputation. When a former client of RtTech recommended their products to Emerson, the deal began to take form. “I was invited to Austin to meet Emerson’s key executives, including Emerson’s Chief Strategy Officer,” claims Asiron. “I was then put into contact with their Industrial Energy group to present our EMIS technology to them.” A few months after that meeting, in November 2013, RtTech was signing their biggest Original Equipment Manufacturer (OEM) agreement to date.
Clean technologies gain momentum in the Middle East
With a major push in the Middle East to reduce energy consumption, RtTech’s EMIS technology couldn’t have come at a better time. Simply put, EMIS provides clients with the capability to calculate, in real time, how much energy a machine needs to function optimally and will indicate when their equipment is consuming too much energy. This energy saving technology helps clients reduce costs and increase efficiency.
Although RtTech is just now starting to see their product gain momentum in the Middle East, they have already had success in other foreign markets. Since their inception in 2011, RtTech has completed 45 installations across the world in 14 different countries – predominately in North America and Australia.
While being part of a large, established supply chain is a major boost, it doesn’t mean RtTech is taking a back seat. In fact, with the help of Export Development Canada (EDC), RtTech is making its own waves in the Middle East.
“When I started looking for a line of credit a year ago, I was not aware of EDC,” says Asiron. “Since that time, learning about the extent of their services and the willingness of EDC to help companies like ours grow blew me away, and they were instrumental in getting us off the ground.”
“When you’re a startup company it can be difficult to get a line of credit from the big banks. EDC provided us with receivable insurance and we were able to use it to secure a line of credit,” says Asiron.
EDC mentoring Program
RtTech was also recently selected to participate in EDC’s mentoring program, which was developed to help small- to medium-sized enterprises grow their international sales. “From the mentoring program, we developed an action plan with EDC, which put us in touch with influential players in key Middle Eastern regions.”
For RtTech, the combination of developing those relationships and executing on the action plan has resulted in current contract negotiations with Saudi Aramco – the world’s leading supplier of energy. “We met with EDC’s representative in the Middle East and he introduced us to key players on the Saudi Aramco team. After discussing our product with them and developing that business relationship, we are now very close to becoming an approved vendor for the company.”
Perhaps the key to RtTech’s success in foreign markets is that they are not afraid to get support. Whether this support is made up of a major multinational company who wants to promote their product, or local experts willing to offer financing, advice and guidance, RtTech has made the most of every opportunity.