Ipsos is to invest around £3m in British video analytics firm Big Sofa Technologies, which will expand its sales and marketing functions - particularly in the US - and speed up the development of new kinds of analysis that link consumer context and behaviour.
Originally known as The Insight Exchange Partnership, Big Sofa was founded in 2009 by former Research International CEO Simon Lidington and organisational psychology specialist Matt Lynch, and offers a platform for users to upload, edit, analyse and share video and other digital content. In 2016, the firm was listed on the Stock Exchange AIM sub-market (AIM: BST) following a £6.1m fundraising round, and used this to expand to the US with the official opening of an office in Philadelphia, PA. Its headquarters are in London.
Big Sofa and Ipsos have been working together for more than two years, and last April the two companies signed a Master Service Agreement to formalise the relationship, which has continued to deepen since. The investment deal involves a subscription for 16,402,143 ordinary shares of 3 pence each at a price of 18.5 pence per ordinary share for 20% of the enlarged issued ordinary share capital of Big Sofa. In addition, Laurence Stoclet, Ipsos Deputy CEO and Group CFO, will be appointed as a non-executive director on the Big Sofa Board of Directors.
Lidington says the investment will speed Big Sofa's development of innovative technology, and help it add capacity to accelerate revenue growth. Didier Truchot, Ipsos Chairman and CEO, adds: 'Ipsos is investing in technology which we believe has the potential not only to transform the consumer research market in which we operate, but also to disrupt other sectors where codification, discovery, learning and meaning are equally transformed through the use of visual data. We have tremendous respect for Big Sofa's brand and its leadership team and believe strongly in the opportunity to create meaningful long-term value for our respective shareholders, employees and customers'.
Web site: www.ipsos.com and www.bigsofa.co.uk .
All articles 2006-21 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.