Announcement
LoopUp Group PLC : Expansion into Australia
RNS Number : 1488J
LoopUp Group PLC
28 March 2018
28 March 2018
LOOPUP GROUP PLC
("LoopUp Group" or the "Group")
Expansion into Australia
Two new business acquisition 'Pods' being established
LoopUp Group plc (LSE AIM: LOOP), the premium remote meetings company, is pleased to announce its commercial expansion into the $275m Australian market1 with the formal opening of its Sydney office.
The Group has operated one of its four global datacenters in Australia since 2016 to serve its UK and US customers who have local operations in the region. That will now be augmented with a commercial office presence, where new business acquisition 'Pods' will target enterprises headquartered in Australia.
Steve Flavell, co-CEO of LoopUp, commented, "Australia has some very attractive attributes as a new market for LoopUp. There are several geographically-dispersed urban centres which drive conferencing activity, average selling prices are materially higher than the global average, and Sydney represents a wonderful focal point to develop into the Group's regional headquarters over time."
During a market research and testing phase over recent months, the Group has already contracted six customer wins, including a leading Australian private equity firm and a financial advisory and investment management group with over $100bn under management.
The Group has relocated five established members of its UK and US Pods to Sydney. Those employees will form the basis of two initial Australian Pods, which will be augmented with local graduate hires. During the first half of the current financial year, the two Pods will focus on building their pipelines to normalised Pod levels. The Group believes the Australian market is highly conducive to the LoopUp product proposition and expects growth and Pod performance to fall in line with normal UK and US pod levels thereafter.
1. Source: Wainhouse Research '2017 Asia Pacific Audio Conferencing Services Market Sizing' and '2017 Asia Pacific Personal Web-based Conferencing Services Market Sizing'
For further information, please contact:
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LoopUp Group PLC |
via FTI |
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Steve Flavell, co-CEO |
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Panmure Gordon (UK) Limited |
+44 (0) 207 886 2500 |
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Dominic Morley / Alina Vaskina (Corporate Finance) |
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Erik Anderson / Amy Sarra (Corporate Broking) |
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Numis Securities Limited |
+44 (0) 207 260 1000 |
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Simon Willis/Jonny Abbott (Corporate Finance) |
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Tom Ballard (Corporate Broking) |
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FTI Consulting, LLP |
+44 (0) 203 727 1000 |
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Matt Dixon / Harry Staight |
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About LoopUp Group plc
LoopUp (LSE AIM: LOOP) is a premium remote meetings solution. Streamlined and intuitive, LoopUp is built for business users and delivers the quality, security and reliability required in the enterprise. One-click screen sharing and integration with tools business people use every day, like Outlook™, make it easy for LoopUp users to collaborate in real time. LoopUp's award-winning SaaS solution doesn't overwhelm users with features, and doesn't require training. Over 2,000 enterprises worldwide, including Travelex, Kia Motors America, Planet Hollywood, National Geographic, and Subaru trust LoopUp with their remote meetings.
The Group is headquartered in London, with offices in San Francisco, New York, Boston, Hong Kong, Barbados and Australia, and is listed on the AIM market of the London Stock Exchange (LOOP). For further information, please visit: www.loopup.com.
Notes:
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
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