Ipsos Concludes GBP3.0 Million Big Sofa Technologies Investment (ALLISS)

9th Mar 2018 11:25

LONDON (Alliance News) - Video analytics firm Big Sofa Technologies Group PLC said Friday market research company Ipsos SA completed its GBP3.0 million investment in the company to help fund its growth.

Ipsos - through its Ipsos MORI UK Ltd subsidiary - subscribed to 16.4 million shares at a price of 18.5 pence each, equivalent to a 20% stake in the 82.0 million shares outstanding. Shares in Big Sofa were 4.8% lower at 14.75 pence on Friday.

Big Sofa also appointed Ipsos Chief Financial & Deputy Chief Executive Officer Laurence Stoclet as non-executive director. For as long as Ipsos holds over 10% of Big Sofa's shares, it will retain the right to appoint a board member.

When Big Sofa announced the investment last Friday, it said it would use the funds to "enhance its sales and marketing functions - particularly within the US - to take advantage of the considerable revenue-generating opportunities that Big Sofa is seeing ahead of it".

Further funds will be used to invest in the company's video analytics platform. Some GBP700,000 of the funds will also be used to repay a GBP675,000 convertible loan with Eridge Capital Ltd entered into prior to Big Sofa's listing in December 2016.

Big Sofa and Ipsos have worked together for more than two years. In April 2017, the two firms signed a master service agreement. Since then, the trading relationship has deepened further and is expected to continue to do so after the investment.

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