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Quartix has won the Barclays Corporate prize in this year’s Cambridge News Business Excellence Awards.
The company met all Barclays’ criteria, including showing market strength in the economic climate, adaptability, good turnover growth, strong market share – and the ability to diversify into new markets.
Cambridge News reported: ‘Quartix ticks every box. Vehicle tracking is what this company is all about, but the story is a remarkably daring turnaround which has seen Quartix flourish while its competitors have fallen by the wayside.
Andy Walters, founder and managing director, started the business just over a decade ago. Growth was steady until the recession hit and customers no longer wanted to invest in tracking their fleet. They could not afford the systems and shied away from industry standard contracts which tied them in for years.
So Quartix changed its business model, the management invested £2.5m of their own cash and started offering zero-commitment deals. The business took off.
Quartix then looked at other ways to improve their business and spotted an opportunity in the insurance market, where they now supply credit-card size trackers, fitted in vehicles to monitor driving behaviour, which decides insurance premiums.’
This year Barclays were looking for contenders who had been trading for at least three years, with a minimum turnover of £5m.
Mr Walters, who received the award on behalf of the company, said: “We are extremely proud to have won. It is tremendous to have everyone’s hard work, dedication and innovative thinking recognised in this way.”