BST.L Share News (BST)

(Sharecast News) - Video analytics provider Big Sofa Technologies has been selected as 'Global Systems Partner' to one of the world's largest food and beverage companies, it announced on Thursday.
The AIM-traded firm said that under the terms of the partnership, the client had committed to an initial spend of more than $0.4m, expected to be recognised as revenue in 2019.

It said the spend would cover licensing of Big Sofa's proprietary technology platform, work to embed the platform within the organisation, and foundational video analytics.

The "cornerstone client" was expected to generate "substantial revenues" for the company in 2020 and beyond, the board added.

Big Sofa said its appointment as a Global Systems Partner followed an "extensive" competitive procurement process.

The identity of the food and beverage company was not released.

"I am delighted to announce this enterprise-level win, marking progress against our second strategic pillar - our direct to client offering," said chief executive officer Kirsty Fuller.

"We have been working on this pitch since shortly after my arrival at the company.

"It is a vindication of our competitive strength and a springboard for growth in 2020 and beyond. It provides us with a replicable model to take to new and existing corporate clients in the immediate and medium term."

As at 1433 GMT, shares in Big Sofa Technologies Group were up 4.81% at 4.14p.