For QED ResourceXpress (QED), the change to becoming employee-owned (EO) is a celebration of one founder’s commitment to doing right by his employees. The manufacturer and integrator of meeting room and desk booking solutions grew from the early days of the tech industry. It’s growth and adaptation in synch with a changing technology landscape is a story of leaders who are keen to develop a sustainable future, balancing the needs of consumers with the welfare of its employees, and EO its chosen route to success.
History of Tech
Ian Fisher, founder of QED, had a background as an IT engineer in 1989. Working with a partner who specialised in the PC sector, they maintained old technology before networking really came to the fore and they began building PCs for commercial use.
For the next decade and a half, the duo’s business expanded. The maintenance and networking were supported by field engineers operating across a large area of the UK. As Lotus Notes grew in popularity, Ian and his partner started a consultancy and workflow app design, taking advantage of the new software. It was a platform for business collaboration, which included messaging and workflow management.
One of their customers had a new building and spoke about a desire to have screens for the site, showing room availability and a booking system for the spaces. Spotting a gap in the market, Ian and his partner created Meeting Monitor, switching to selling monitors and technology for this area of the market.
Launching in 2009/10, the company accessed the UK’s Passport to Export scheme. The project aimed to help UK companies to enter overseas markets, contributing towards the expenses of the trips. Spending time in the Middle East, QED made successful connections and sales, helping to kickstart the company’s growth.
Expansion and Employee Ownership
That success led to doors opening in the USA. The bigger market and larger companies saw QED connect with organisations in New York and Chicago. Soon, the company’s products were being used globally for more than 30,000 rooms and desks, all while maintaining its UK base in Weston-super-Mare.
The growth of QED has seen the company’s software tech come from Chennai, India, thanks to a partner based in the region. With people in both India and America, those boots on the ground has helped QED’s global reach and position itself as a leader in the cloud-based workspace management sector. There are currently 14 full-time staff in the UK, and 28 globally, with a 24/7 team in India – and a focus on outsourcing as a model of operation.
Its jewel in the crown is the design and manufacture of desktop device hardware. Made in the UK and shipped globally, the likes of the Qubi3 system allows for instant status indications and reservation of desks on the fly. The design initially came when Ian had bought an ice-cube light from Ikea, the shape ideal to sit on a desk and act as a quick guide as to whether a space is free or in use.
A chance meeting with his accountants saw Ian understand the benefits of making a transition to employee ownership. The benefits were attractive, and as Ian said, “It’s my company, so I didn’t want to consider any third-party sales. I’d had offers from America but didn’t want the company to be asset-stripped. I wanted to look at an option that benefitted everyone.”
Having talked to one law firm about making the transition, Ian walked away from them, with a feeling that they didn’t understand what he was trying to achieve. Approaching Stephens Scown, Ian said that the company was, “A breath of fresh air. I had a positive feeling right from the start and was comfortable with them right from the initial meeting.”
The Right Decision
Ian first met with Catherine Carlton, Partner in the Corporate team and one of the firm’s EO specialists. Finding her to be straightforward and down to earth, Ian was operating on a tight timescale to make the switch to EO, hoping to conclude the transition within six months. Ian found that working with Stephens Scown throughout the process was reassuring. “They allowed me to make the right decisions. It was complicated as we had other shareholders, and it meant balancing personal, company, and customer needs. Throughout, Stephens Scown was always available and took the stress out of the situation.”
With support from George Demirev, an associate in the Corporate team, QED made the change to becoming an EO business. Ian said that it has led to, “A renewed sense of ownership. The company is still feeling the benefits – staff feel part of the company and we’re looking forward to a positive, sustainable future. The switch has meant more transparency for staff and directors they recognise that they have a real stake in the business.”
Now well-established, the transition to EO has further helped QED to build and grow on its existing achievements. With trade shows in Chicago and Barcelona, the company operates on a scalable model and outsourcing development, making it an agile business where under Ian’s leadership, the employees are very much a part of its success.
