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SocialGO (LSE:SGO) stocks were on the rise today following an early morning Trading Update and an announcement of changes at the board of director level. Positive response to the announcements was indicated by a 31.25% rise in its stock price on robust trading of 5.1 million shares.
Report Features & Details
Version 2 Software
The report indicates that public reception of the release of its Version 2 software in October 2011 has been very positive. Company officials emphasised that Version 2 is not a revision of their original product, but a completely new design that features enhanced connectivity with other social network media such as Facebook and Twitter. The company has received many positive comments related to the software’s stability and flexibility.
CEO Alex Halliday remarked that:
“With Version 2 out we are able to closely look at how people are using the software, where they are being successful, and critically how we can improve their performance. The motivation of our customers to create online communities with SocialGO is huge, with thousands turning up at www.SocialGO.com daily, keen to grow an online presence for their community.”
Revenue
While the company no longer sells Version 1, they are still receiving revenues from existing customers of that software. The growth of revenue generated from Version 2 has been increasing steadily with new subscriptions in January doubling those of December 2011.
Business Development
SocialGO has entered into a Memorandum of Understanding in preparation to form a joint venture with Muronia. They will use their synergies to target high value retail clients whose goal is to reach their clientele by means of their own dedicated social networks. The venture signed a contract with British band Kasabian in December.
Board of Directors Change
- Lord William Astor is joining the board.
- Vikrant Bhargava has resigned from the board.
Company Plans
The company intends to continue the development and streamlining of its software to better coordinate with other major social network sites. New versions are expected to feature improved set up, new network structure, and enhanced integration with other sites.
CEO Halliday expressed enthusiam, saying,
“I’m very excited about what we have in development for the next release of features and updates for the SocialGO product. It’s a direct response to the results of our past few months of experimentation. Leveraging the flexibility of our platform we are able to implement this new experience quickly and I am confident the results will lead to increased adoption and revenues.”
Company Spotlight
SocialGo provides software and services that allow their subscribers the ability to create, manage, and control their own social media activities.
