Global Systems Partnership and $400,000 contract
31 October 2019
Big Sofa Technologies Group plc
("Big Sofa Technologies" or the "Company")
Big Sofa Technologies selected as Global Systems Partner by US-based multi-national food and beverage company and immediate revenue commitment of more than $400,000.
Big Sofa Technologies (AIM:BST), an international video analytics provider, announces that it has been selected as Global Systems Partner to one of the world's largest food and beverage companies. Under the terms of the partnership, the client has committed to an initial spend of more than $400,000 expected to be recognised as revenue in 2019 covering licensing of the Company's proprietary technology platform, work to embed the platform within the organisation, and foundational video analytics. This cornerstone client is expected to generate substantial revenues for the Company in 2020 and beyond.
The Company's appointment as a Global Systems Partner follows an extensive competitive procurement process. This embeds the Company's technology on an enterprise level and drives forward the client's behavioural data agenda.
Kirsty Fuller, Chief Executive Officer of Big Sofa Technologies, commented:
"I am delighted to announce this enterprise-level win, marking progress against our second strategic pillar - our direct to client offering. We have been working on this pitch since shortly after my arrival at the company. It is a vindication of our competitive strength and a springboard for growth in 2020 and beyond. It provides us with a replicable model to take to new and existing corporate clients in the immediate and medium term."
Big Sofa Technologies Group plc
+44 (0)20 7357 0033
Kirsty Fuller, CEO
Joe MacCarthy, CFO
Arden Partners plc (Nominated Adviser and Joint Broker)
+44 (0)20 7614 5900
Paul Shackleton / Ben Cryer
Tim Dainton (Head of Distribution)
Novum Securities (Joint Broker)
+44 (0)20 7399 9427
About Big Sofa Technologies Group plc
Big Sofa Technologies is a video analytics company. The design and development of our technology has been guided by expert understanding of the insight and analytics industries and the needs, pressures and business questions of the clients they serve.
We uncover and analyse new-to-the-industry behavioural data sets in video, enabled by the power of our pioneering data capture and platform technology. We are innovating both in how video-led projects and programmes are designed and in how the data is analysed, showcased, embedded and re-mined.
Our software platform collates, analyses and organises large volumes of raw/unstructured video enabling our clients, which include leading market research and data companies and major household brands, to perform detailed and sophisticated consumer insight analysis and make genuine use of video content.
Big Sofa Technologies' 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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.