Aim-listed Big Sofa Technology, an international video analytics provider to consumer brands and market research agencies, has won two significant contracts.
One contract is with major US retailer Target Corporation, the other is with and Zurich North America, the US division of the global insurance group.
Both customers have retained Big Sofa on a monthly subscription model, with initial terms of six and twelve months respectively (beginning 1 January 2018).
The board anticipates that these subscriptions will lead to material revenue contributions during 2018.
Importantly, an element of Big Sofa's strategy is to convert key client relationships into long-term, recurring revenue generating customers. As such, the board believes these subscription-based contract wins are further evidence of the validation of this strategy.
Target will leverage Big Sofa's technology and expertise on a continuous basis to analyse existing and new video content to generate detailed insight into in-store consumer behaviour and preference.
Zurich will build on its Big Sofa subscription to data-mine and analyse both existing and new customer video content to facilitate Zurich's drive to put customers at the heart of its business strategy.
Simon Lidington, Chief Executive Officer of Big Sofa, commented: “These contract wins demonstrate our ability to convert relationships with these large, global organisations into high quality recurring revenue streams."