VIDEOPRO ON THE RISE WITH OWNERSHIP CHANGES AND FORECASTED PROFIT JUMPS — AV.technology
Videopro executives Jason Derry and Cameron Douglas have joined founder and chairman Shane Leaney, CEO Ian Wright and CFO Jason Sing as shareholders of the Brisbane-based audiovisual company. The ownership changes come as Videopro prepares for an expected 50 percent jump in profit this year, thanks to a renewed focus on services, service levels and operational improvements.
Mr Derry, who has been with Videopro for more than 20 years, said this year would be an exciting one for the company. “Videopro was set up as a retail business when it opened its doors in 1980 and those foundations are still important to us,” he said. “Today more than 60 percent of our business is B2B (business-to-business) and we see that increasing significantly in the next few years. We see real growth potential with the business and are excited about being part of the next phase.”
Last year Videopro’s revenue hit almost $75 million. Among its client list are Queensland’s biggest universities, The Department of Justice and Attorney General, the Department of Education and Training, and Queensland Health. Videopro’s wide scope of work has included some of Queensland’s largest audio-visual projects, including the mammoth job of fitting out the Supreme and District courts in Brisbane.
“We’ve gone from selling standalone integrated AV systems, to network and cloud hosted software led solutions that can provide all kinds of automation and intelligence in just a few years,” said Mr Douglas, 31, who worked for Videopro for more than a decade before becoming a shareholder. “It is an exciting time for anyone in our industry who is able to innovate and, more importantly, execute change in their business.”
Mr Douglas said the company and its 130 staff were part of Brisbane’s growing innovation sector.
“We work with a lot of startups here and have a real appetite for change,” he said. “Right now and into the foreseeable future, that change is rapid. Hardware-based technology is shifting across to cloud and software-based technology. The trick isn’t to survive or adapt to the change but to drive it.”
Videopro is also connected to a national business, called Connected Vision, which delivers technology solutions to multi-national companies around Australia. It is in the process of finalising an international partnership deal that will see the company adopting a worldwide approach.
Videopro is still firmly rooted at Eagle Farm and the new owners say they plan to keep it that way. “If anything, we have become more focused on Brisbane in the past 12 months and that is partly because of the new opportunities emerging around innovation here,” Mr Derry said.
“We have a 4000sqm premises, with 2500sqm of warehouse and installation staging space and 1500sqm of office area. It’s an amazing set up and allows us to service our customers in a unique way.”