The annual International Technium Challenge competition is run by International Business Wales, formerly the Welsh Development Agency, which has assisted 500 international companies to set up operations in Wales.
TracPlus chief executive Chris Hinch, who arrived back in Dunedin yesterday from Swansea, Wales, said winning the International Technium Challenge would accelerate TracPlus' entry into the UK market by at least 12 to 18 months and the support programme would similarly boost the company's entry to the European market.
"The focus remains [entry to] the United States market but this has bought us forward a significant amount of time to launch in the UK," he said.
TracPlus has developed a GPS transport tracking system for commercial, government and non-government agencies in 12 countries and areas, including the Antarctic, covering maritime, aviation and land operations, often for search and rescue and emergency-based organisations.
Mr Hinch said details of the prize and how it will be utilised had yet to be discussed with the board of TracPlus, but he hoped to have sales representation in the UK by the end of the year and possibly the office set up shortly after, likely in southern Wales.
The company has 11 staff in Dunedin, offices in the United States, and will shortly have offices in Australia.
Mr Hinch said one of the most important aspects of becoming established in the UK was access to a wide range of industry and commercial contacts within the relatively tight-knit business communities.
He noted that, separately, a lot of research and development opportunities were on hand in Wales, including a variety of funding structures and tax incentives which could be attractive for TracPlus.
Aside from office space in a Technium business innovation and incubation centre in Wales, TracPlus Global will also receive a business support package worth more than $120,000 in legal, marketing and business advice, capital raising, personnel and manufacture sourcing and ongoing business guidance.
TracPlus had earlier beaten four New Zealand competitors to become a finalist to vie for a UK "business passport". Mr Hinch was proud itwas second consecutive year a New Zealand company had won the competition.
TracPlus, which had predicted a turnover of $1 million to $1.5 million this year, was split off from its sister company Daestra NZ earlier this year. They are private companies mainly backed by Otago-based shareholders.
TracPlus was launched by Daestra in mid-2007.
