31st Oct 2019 12:21
(Alliance News) - Video analytics firm Big Sofa Technologies Group PLC said Thursday an unnamed US food & drinks maker had committed to revenue of at least USD400,000 amid a global systems partnership.
The partnership deal with an unspecified US-based multi-national food & drinks firm comes with a commitment to spend at least USD400,000 in 2019. This revenue will be related to licensing fees as well as work to embed the software within the firm and video analytics services.
Big Sofa described the firm as a "cornerstone" client which is expected to generate "substantial" revenue in 2020 and beyond.
In 2018, Big Sofa reported a GBP3.7 million pretax loss on revenue of GBP1.7 million.
"I am delighted to announce this enterprise-level win, marking progress against our second strategic pillar - our direct to client offering," Chief Executive Officer Kirsty Fuller said.
"We have been working on this pitch since shortly after my arrival at the company," Fuller added. "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."
Shares in Big Sofa were 3.8% higher at 4.10 pence in London on Thursday.
By Ahren Lester; [email protected]
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