February 23, 2010

Miro Technologies Expands in Tough Times

Investor helps firm add jobs in La Jolla, office in Saudi Arabia

La Jolla, CA – February 23, 2010 –  Miro Technologies is keeping planes in the air, ships at sea, satellites circumnavigating the earth and weapons systems in mission-ready condition – in English and Arabic – for some of the largest, most sophisticated defense contractors, manufacturers and military organizations in the world.

“Business is good,” said Miro Technologies President and CEO Vincent Monteparte. “We’re adding people at corporate headquarters in La Jolla, opening an office in Saudi Arabia and doing fine in the UK. We’ve carved out our niche, and we’re winning deals now outside of our traditional markets in North America and the United Kingdom.” The current success is a payoff for Monteparte’s vision for the company and his landing a key partner, Solis Capital Partners, Newport Beach, to make his dream come true.

It hasn’t always been that way. Five years ago, Monteparte was running the technology division of Spirent, a publicly-traded company based in the United Kingdom, while a buyer was sought. Monteparte and his team saw its potential and convinced management that he should be the buyer. He was given a short time to find financing and then a mere 45 days to close the deal.

“You usually can’t even close on a house in 45 days,” said Monteparte. But Solis Capital Partners said they could do it, and they did. That’s when my dream began.”

Monteparte’s vision was to update their technology to use the Web to diagnose the need for maintenance, facilitate the ordering and shipping of parts and provide updated hand-off from one shift to the next.

For example, once an airplane or a helicopter is built and shipped to a client, such as the U.S. Air Force, the Saudi Royal Air Force or the British Defense Ministry, maintenance takes over to keep it in the air and its weapons systems functioning. If Monteparte has it his way, the maintenance and supply-chain technology comes from Miro Technologies. That’s sometimes a stretch, with much larger firms competing in the same space.

“We operate in a highly competitive market space,” said Monteparte. “But we’ve been victorious more often than not. That’s because our technologies are specifically designed for military maintenance and supply management requirements, whereas competing products are often designed for a broader, less specialized customer. In this niche, Miro Technologies is less expensive, more flexible, quicker to respond and better positioned to provide subject matter expertise.”

The enterprise service platform selected by the Royal Saudi Air Force (RSAF), GOLDesp, is two generations more advanced than what it used before. GOLDesp is now the central logistics application providing a fully integrated maintenance and supply solution to the RSAF.

“Information is collected while the craft is in the air,” said Monteparte. “When it lands, information is downloaded, trends are spotted and the need for preventative maintenance is diagnosed before it becomes an issue. Parts are ordered automatically and tracked through inventory.”

Even though Miro Technologies’ enterprise-wide, Web-based applications are state-of-the-art and span departments and divisions, the systems aren’t difficult to operate.

“We use a lot of icons, such a helicopter-shaped icon in red, yellow or green to visually indicate where it is in the maintenance process before the planner drills down for more detail,” said Monteparte. “That way, the hand-off from one shift to the next is easier and the steps a planner takes to maintain a multi-million-dollar aircraft isn’t that much different than going to an ATM for money.”

GOLDesp features a simple, intuitive web-based user interface designed around processes, not functions. Users have access to a configurable global navigation system, standardized controls and hyperlinks, and desktop-level components for personalized content.

In April, Frost & Sullivan awarded Miro Technologies its 2009 European Defense Logistics Product Line Strategy award. This industry accolade is presented annually to the company that has demonstrated the most insight into customer needs and product demands.

“We have a 98 percent renewal rate on customer support contracts,” said Monteparte. “I tell my employees that, instead of worrying about job stability, just focus on delivering a great product and keeping the customer satisfied. That’s the key.”

Craig Dupper, partner, Solis Capital Partners said, “That’s why we decided to help Vince and his team go forward with their dream five years ago. They have a solid product, a valid industry niche and a total dedication to doing it right.”

“Finding Solis was lucky, said Monteparte. “In our industry, you need the freedom to be nimble and make decisions. Working with another private-equity firm may have been a nightmare, but Solis really lets people run their business. They ask the hard questions, but instead of interfering, they make their network of experts available to us when we have an issue to solve or need to have a fresh look at things. Solis has given us a chance to follow our dream.”

Miro Technologies® provides advanced solutions for Aftermarket Logistics, Maintenance and Supply management in the Aerospace & Defense and Commercial MRO markets. GOLDesp™, our battle-tested, fully deployable flagship application, features an “Any Asset, Anywhere, Anytime™” approach to PBL and new 'ePBL' portal capabilities to ensure the highest levels of support.

About Solis Capital Partners, L.L.C.

Solis Capital Partners (www.soliscapital.com), founded in 2002, is a disciplined and innovative private equity firm focused on the middle market. Solis favors service and manufacturing companies with enterprise values ranging from $10 to $100 million, with solid management, strong business fundamentals, market cycle resilience, a history of profitability and potential for organic growth.

Contact: Linda Ames, APR
Ames & Associates
949.300.2545
linda@amescommunications.com

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