9 September 2016
Eagle Eye Solutions Group PLC
("Eagle Eye" or "Company")
Strategic Board changes to capitalise on future growth opportunities
Eagle Eye, the SaaS technology company that validates and redeems digital promotions in real-time for the grocery, retail and hospitality industries, announces the following Board changes:
· Tim Mason, previously Non-Executive Chairman, becomes Chief Executive Officer
· Phill Blundell, previously Chief Executive Officer, becomes Deputy Chief Executive Officer to strengthen Eagle Eye's capability to deliver its international growth strategy
· Malcolm Wall, previously a Non-Executive Director, becomes Non-Executive Chairman
· Drew Thomson, Non-Executive Director, becomes Remuneration Committee Chairman
Tim Mason joined the Company in January 2016 and has gained a deep understanding of Eagle Eye's business, products, strategy and culture. He brings more than 30 years' experience within the grocery and retail industries, with a strong background in strategic marketing and customer loyalty. He held a number of key roles within the Tesco Group between 1982 and 2012 including Chief Marketing Officer, Chief Executive Officer of Fresh & Easy LLC, and Deputy Chief Executive Officer of Tesco between January 2010 and December 2012. During this time there, Tim was instrumental in launching Clubcard and changing the way customer data was analysed to target customers in conjunction with dunnhumby. Tim's wealth of experience and network, both domestically and internationally, as well as his knowledge of Eagle Eye mean that he is uniquely placed to lead the Company into the next phase of its growth.
Phill Blundell's new role as Deputy Chief Executive Officer will focus on the overseas growth strategy and international development for the business. The international opportunity for Eagle Eye was opened up in North America following the significant contract win with Loblaw Inc ("Loblaw"), the Company's first overseas Tier 1 grocery customer, in February 2016. This contract is now underway with the implementation of Eagle Eye AIR within Loblaw Inc and today's move strengthens Eagle Eye's capability to capitalise on the significant international market opportunity.
Malcolm Wall, a Non-Executive Director since the Company's IPO in 2014, replaces Tim Mason as Non-Executive Chairman with immediate effect. Malcolm's knowledge of the digital marketing sector and extensive management experience positions him well to support and guide the management team during the next phase of growth.
As Malcolm currently holds the position of Remuneration Committee Chairman, Drew Thomson will now succeed him in this role. There are no further Board committee changes.
Tim Mason, Chief Executive of Eagle Eye, commented: "When I joined Eagle Eye in January this year, I saw a company with a vision and proven technology to transform an industry. Since then I have been able to verify this opportunity and believe the time is right to accelerate our business development. I am delighted to help take the business into its next phase of accelerated growth and to capitalise on our first mover advantage and our successes so far in the UK and overseas.
I would like to thank Phill Blundell for leading the business through its IPO and having delivered the progress achieved so far, and I look forward to working more closely with him and Steve Rothwell our founder as well as the rest of the great team at Eagle Eye."
Malcolm Wall, Non-Executive Chairman, commented: "I am delighted to be able to help shape the Company's future as Chairman and am very pleased that Tim has accepted the role of Chief Executive alongside Phill as Deputy Chief Executive Officer. Tim brings a wealth of relevant experience and an extensive network of Tier 1 UK and international contacts which will be invaluable to Eagle Eye as Tim dedicates himself fully to the Company. The Board changes announced today will deepen and strengthen the management team to deliver against our overall ambitions. The Board and I look forward to the next phase of the Eagle Eye's growth."
Eagle Eye confirms that there are no further disclosures to be made in relation to Rule 17 or paragraph (g) of Schedule Two of the AIM Rules for Companies.
- Ends -
For further information, please contact:
Eagle Eye 0844 824 3686
Tim Mason, Chief Executive Officer
Lucy Sharman-Munday, Chief Financial Officer
Investec 020 7597 5000
Dominic Emery / David Anderson, Corporate Finance
Matt Lewis, Corporate Broking
Hudson Sandler 0207 796 4133
Nick Lyon / Alex Brennan
Information on Eagle Eye
Eagle Eye is a leading SaaS technology company that securely validates and redeems digital promotions in real-time for the grocery, retail and hospitality industries.
The Company's digital marketing platform, Eagle Eye AIR, enables the secure, real-time, multi-channel issuance, management and redemption of digital promotions and rewards, replacing previously used paper-based methods. Our Eagle Eye platform creates a network effect between merchants, distributors and brands enabling stronger connections and value to all parties. Through our four products we enable brands and merchants to reduce cost, improve their customer offer and accelerate their innovation.
The UK promotions market is currently transitioning through substantial change as both retailers and consumers are moving away from paper and plastic to digital. In 2014 there were in excess of 730 million coupons redeemed in the UK1, and 16 billion digital coupons redeemed worldwide2.
The Eagle Eye AIR platform comprises four key products: Eagle Eye Promote - for the management of offers and promotions, Eagle Eye Gift - for gift cards and customer care, Eagle Eye Reward - for loyalty and reward schemes and Eagle Eye Engage - for digital messaging. These four products enable the Company's customers to deliver targeted promotions, gift vouchers and rewards to consumers in real time, in a simple and secure way, across multiple marketing communications channels including email, SMS messaging and loyalty apps. The promotions can be redeemed securely by the consumer through any enabled point of sale channel.
The Company's current customer base comprises leading names in UK grocery, retail and hospitality including Asda, Greggs, JD Sports, Ladbrokes, Marks & Spencer, Mitchells & Butlers, Pizza Express, Tesco and Thomas Pink.
1. Source: Valassis 2014
2. Source: Statista 2014
This information is provided by RNS