3 Jan 2018 07:00
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
3 January 2018
Big Sofa Technologies Group plc
("Big Sofa" or the "Company")
Contract Wins
Big Sofa (AIM: BST), a fast-growing international video analytics provider to consumer brands and market research agencies, is pleased to announce two significant contract wins with Target Corporation ("Target"), a leading US retailer, and Zurich North America ("Zurich"), the US company of the global insurance group.
Both customers have retained Big Sofa on a monthly subscription model, with initial terms of six and twelve months respectively (beginning 1 January 2018). The board anticipates that these subscriptions will lead to material revenue contributions during 2018.
Importantly, an element of Big Sofa's strategy is to convert key client relationships into long-term, recurring revenue generating customers. As such, the board believes these subscription-based contract wins are further evidence of the validation of this strategy.
Target will leverage Big Sofa's technology and expertise on a continuous basis to analyse existing and new video content to generate detailed insight into in-store consumer behaviour and preference. Zurich will build on its Big Sofa subscription to data-mine and analyse both existing and new customer video content to facilitate Zurich's drive to put customers at the heart of its business strategy.
Simon Lidington, Chief Executive Officer of Big Sofa, commented:
"Big Sofa's status as the disruptive video analytics technology of choice for clients of Zurich's and Target's scale continues to validate our belief that video will transform the consumer insight market as the preferred medium for capturing real consumer behaviour. An increasing number of the largest companies in the world are choosing Big Sofa's technology for its unrivalled ability to deliver fast, high quality and cost-effective insight and consumer knowledge and these contract wins demonstrate our ability to convert relationships with these large, global organisations into high quality recurring revenue streams."
Big Sofa expects to publish a trading update for the year ended 31 December 2017 later in January 2018.
Enquiries
Big Sofa Technologies Group plc | via Vigo Communications |
Simon Lidington, CEO |
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Matt Lynch, CSO |
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Joe MacCarthy, CFO |
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Vigo Communications (Financial Public Relations) | +44 (0) 20 7830 9700 |
Ben Simons / Jeremy Garcia / Antonia Pollock | |
SPARK Advisory Partners (NOMAD) | +44 (0)20 3368 3554 |
Neil Baldwin / Mark Brady |
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Hobart Capital Markets (Broker) | +44 (0) 20 7070 5656 |
Lee Richardson / Phillip Worton |
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About Big Sofa Technologies Group plc
Big Sofa is a B2B technology business servicing the marketing and consumer insight industries with video analytics.
Our software platform collates, analyses and organises large volumes of raw/unstructured video content enabling companies to perform detailed and sophisticated consumer insight analysis; and make genuine use of their video content.
Until recently, video has been difficult and expensive to capture, upload, store, manage and analyse as a consumer insight tool. However, proliferation of smart phones has empowered consumers to speak directly to brands resulting in an evolution of consumer insight and data analytics techniques, with video emerging as a key platform in a massive $33 billion consumer research market.
Big Sofa's shares are admitted to trading on the London Stock Exchange's AIM market under the ticker BST.L.
To find out more, visit www.bigsofatech.com
Follow us on twitter at @bigsofatech