12 Jun 2017 07:00
Embargoed: 0700hrs, 12 June 2017
Big Sofa Technologies Group plc
("Big Sofa" or the "Company")
Global Agreement with Major Consumer Goods Multinational
Big Sofa (AIM: BST), a fast-growing provider of video analytics technology and services to brands and consumer insight agencies, is pleased to announce that it has been approved as a 'Global Systems Partner' to provide video research and technology services to one of the world's largest consumer goods corporations, headquartered in the USA (the "Client").
Following an extensive procurement procedure, Big Sofa is now an approved supplier on the Client's global technology and research rosters, undertaking projects for the Client to facilitate the acquisition and analysis of both new and existing video content. Previously, the Client had commissioned a number of projects through an approved agency, but the level of demand for Big Sofa's services across the Client's global business reached a level which meant the Client wanted to commission multiple projects directly with Big Sofa. The partnership is already contributing material income to the Company.
The Client, which owns some of the world's best known brands within the major consumer categories of healthcare, household and beauty products, is increasingly incorporating video observation techniques into its consumer insight activities to better understand actual human behaviour. By capturing natural human behaviour in the home (including through the use of live streaming) and utilising Big Sofa's sophisticated video analysis technology, the Client is able to interpret and analyse real behaviour to a depth not previously possible in the consumer insight industry.
Simon Lidington, Chief Executive of Big Sofa, commented:
"This agreement is a significant endorsement of our video analytics technology and highlights the global reach of Big Sofa as our platform is now available to any of the Client's departments anywhere in the world. The business we are already generating from this partnership is further evidence of the pent-up demand from brands or their research agencies for video analytics which unlock the true value of video-based consumer research.
I am very excited by the momentum being generated in the business. This Global Systems Partnership status follows the Global Licence Agreement with leading market research agency, Ipsos, just two months ago which is also beginning to contribute significantly to revenues with projects being undertaken for blue chip international clients."
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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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 / Raju Haldankar |
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Vigo Communications (Financial Public Relations) | +44 (0)20 7830 9700 |
Jeremy Garcia / Ben Simons / Antonia Pollock |
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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.co.uk
Follow us on twitter at @bigsofatech