Big Sofa Technologies Group PLC Contract Wins (7695A)
03 January 2018 - 6:00PM
UK Regulatory
TIDMBST
RNS Number : 7695A
Big Sofa Technologies Group PLC
03 January 2018
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 via Vigo Communications
plc
Simon Lidington, CEO
Matt Lynch, CSO
Joe MacCarthy, CFO
Vigo Communications (Financial +44 (0) 20 7830
Public Relations) 9700
Ben Simons / Jeremy Garcia
/ Antonia Pollock
+44 (0)20 3368
SPARK Advisory Partners (NOMAD) 3554
Neil Baldwin / Mark Brady
+44 (0) 20 7070
Hobart Capital Markets (Broker) 5656
Lee Richardson / Phillip Worton
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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