Big Sofa Technologies Group PLC Agreement with Leading Market Research Company (4497B)

TIDMBST

RNS Number : 4497B

Big Sofa Technologies Group PLC

04 April 2017

Embargoed: 0700hrs, 4 April 2017

Big Sofa Technologies Group plc

("Big Sofa" or the "Company")

Global Licence Agreement with a Leading Market Research Company

Big Sofa (AIM: BST), a fast-growing provider of video analytics technology and services to brands and consumer insight agencies, is pleased to announce that it has signed a Master Service Agreement with one of the top-five largest market research companies in the world (the "MSA"). The MSA is a global licence for a SaaS and services agreement, for an initial period of three years, which sets out the terms upon which the entire market research organisation and its affiliates may engage Big Sofa to provide video analytics technology and services through a co-branded platform in support of their rapidly increasing use of video and images to help clients better understand consumers and markets.

The market research company has thousands of clients, annual revenues of more than GBP1 billion and undertakes many millions of surveys and thousands of qualitative research projects a year through its global network of offices. The organisation is increasingly incorporating video observation techniques and video questions into its methods, often as a means of capturing real behaviour rather than claimed behaviour, to deliver more accurate insight and better value to its clients.

Big Sofa's highly scalable solution will enable the organisation to collate, analyse and organise large volumes of video in order to make efficient use of their content and extract genuine meaning from it.

Client confidentiality does not allow for the disclosure of further details of this agency at present.

Simon Lidington, Chief Executive of Big Sofa, commented:

"This is a potentially transformational development for Big Sofa over the medium term. It is a major third party endorsement not only of Big Sofa's technology platform, but also of our belief that video is transforming the consumer insight industry and will be central to the way brands and research agencies conduct and analyse research in the future.

We have developed an excellent working relationship with this leading organisation that recognises the strategic importance of video as a medium and the value it adds to their research methods.

We have already conducted dozens of ad hoc projects for them and they have been impressed with the security, stability and scalability of our video analytics platform.

Because Big Sofa approaches video analytics from a market research perspective, we understand how best to help brands and their research agencies manage and analyse their video content in order to get the most out of it. We are delighted now to formalise this relationship with a global MSA."

Enquiries

 
 Big Sofa Technologies Group        via Vigo Communications 
  plc 
 Simon Lidington, CEO 
 Matt Lynch, CSO 
 Joe MacCarthy, CFO 
 
                                    [phone] 
 SPARK Advisory Partners (Nomad)     3554 
 Neil Baldwin / Mark Brady 
 
                                    [phone] 
 Hobart Capital Markets (Broker)     5656 
 Lee Richardson / Raju Haldankar 
 
 Vigo Communications (Financial     [phone] 
  Public Relations)                  9700 
 Jeremy Garcia / Ben Simons 
  / Antonia Pollock 
 

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.bigsofa.co.uk

Follow us on twitter at @bigsofatech

This information is provided by RNS

The company news service from the London Stock Exchange

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April 04, 2017 02:00 ET (06:00 GMT)