Last checked at 24 Jun 2016 07:00
24 June 2016
Eagle Eye Solutions Group PLC
("Eagle Eye", "Group" or the "Company")
Eagle Eye secures credit facility with Barclays to support Tier 1 expansion
The Company has agreed a three year £1,500,000 revolving loan facility with Barclays Bank PLC ("Barclays"), available until 22 June 2019.
Eagle Eye has demonstrated the ability to both win and deploy significant Tier 1 contracts over the last 12 months with Asda going fully live, the contract win of Sainsbury's and its first international Tier 1 grocer, Loblaws Inc. The funds available through the new facility will strengthen the Company's balance sheet as it continues to deepen and broaden its Tier 1 relationships with national and international customers.
Tim Mason, Chairman, commented:
"I am pleased by Barclays' confidence in our growth prospects. As the UK loyalty market continues its transition from paper and plastic to digital rewards, we continue to seek to exploit the major growth opportunities open to our business both in the UK, and internationally.''
For further information please contact:
Eagle Eye Phill Blundell, Chief Executive Officer Lucy Sharman-Munday, Chief Finance Officer
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Tel: 0844 824 3686 |
Investec Dominic Emery/David Anderson, Corporate Finance Matt Lewis, Corporate Broking
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Tel: 0207 597 4000
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Hudson Sandler Nick Lyon/Alex Brennan
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Tel: 0207 796 4133 |
Information on Eagle Eye
www.eagleeye.com
Eagle Eye is a leading SaaS technology company that securely validates and redeems digital promotions in real-time for the grocery, retail and hospitality industries.
The Company's digital marketing platform, Eagle Eye AIR, enables the secure, real-time, multi-channel issuance, management and redemption of digital promotions and rewards, replacing previously used paper-based methods. Our Eagle Eye platform creates a network effect between merchants, distributors and brands enabling stronger connections and value to all parties. Through our four products we enable brands and merchants to reduce cost, improve their customer offer and accelerate their innovation.
The UK promotions market is currently transitioning through substantial change as both retailers and consumers are moving away from paper and plastic to digital. In 2014 there were in excess of 730 million coupons redeemed in the UK1, and 16 billion digital coupons redeemed worldwide2.
The Eagle Eye AIR platform comprises four key products: Eagle Eye Promote - for the management of offers and promotions, Eagle Eye Gift - for gift cards and customer care, Eagle Eye Reward - for loyalty and reward schemes and Eagle Eye Engage - for digital messaging. These four products enable the Company's customers to deliver targeted promotions, gift vouchers and rewards to consumers in real time, in a simple and secure way, across multiple marketing communications channels including email, SMS messaging and loyalty apps. The promotions can be redeemed securely by the consumer through any enabled point of sale channel.
The Company's current customer base comprises leading names in UK grocery, retail and hospitality including Asda, Greggs, JD Sports, Ladbrokes, Marks & Spencer, Mitchells & Butlers, Pizza Express, Tesco and Thomas Pink.
Notes:
1. Source: Valassis 2014
2. Source: Statista 2014