Traded as LSE: BLUR Area served Worldwide Headquarters United Kingdom Number of employees 47 (2015) Type of business Public | Founder Philip Letts (CEO) Website blurgroup.com Revenue 4.72 million USD (2014) Founded 2007 | |
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Key people Philip Letts (CEO),Gerry Gross (COO), Helen Blackmore (COO) Services Cloud-based service procurement Stock price BLUR (LON) 8.18 GBX -0.07 (-0.85%)3 Mar, 11:50 AM GMT - Disclaimer Profiles | ||
blur Group PLC provides an online marketplace to give enterprise organizations access to a global network of vetted service providers. The publicly traded company was founded in 2007 and is based out of the United Kingdom, with offices in Exeter, and Dallas, Texas.
Contents
The company went public on LSE:AIM in October 2012.
Blur group plc elevator pitch
History
2007 - blur Group founder Philip Letts builds a b2b exchange, b-uncut.net, focused initially on the media and creative industries
2011 - An investment round was carried out in Q4 2011, notably involving investment from Archie Norman.
2012, 1,200th project submitted. October 2012, blur Group PLC listed on LSE:AIM
2013 - $11.5m raised in a secondary round of financing, raising a further $22m in May 2014.
2014 - Third iteration of blur's platform results in adoption of projects faster than anticipated
2015 - blur Group platform has 65,000 service providers
Services
Organizations seeking modern methods to source and deliver business services use blur Group’s cloud software and managed services platform to source and manage their suppliers. Business services, including creative, IT, legal and accounting fields, are available on blur Group’s Marketplace.
Process
Organizations can use blur Group’s Platform for spot purchasing or as a company-wide sourcing and delivery system. Organizations buying services through blur Group submit project briefs to blur’s online global Marketplace. All service providers in the Marketplace are vetted by blur before being given access to project briefs, and approved service providers respond with a proposal that outlines how they can best meet the project requirements.
The pitch process is blind: service providers do not know who the client is and must pitch solely on information available in the brief. Once the pitch deadline has passed, the blur team reviews the pitches and presents the top three providers to the client. The client then selects the winning candidate and the project begins.
Blur manages the client/provider relationship for the duration of the project; all communications and invoicing is completed through blur's cloud-based workspace.
Controversy
After their IPO in 2012 on London’s mid-cap market AIM, blur Group’s stock price fell due to concerns regarding how revenue was reported. This came to light after a profit warning was released, indicating that multiple projects valued at over $100,000 were delayed until the next quarter, resulting in an 80% plunge in stock prices over previous year. An investigation led by the Financial Reporting Council (FRC) was initiated to determine if blur Group was the principal or agent with regards to the outsourcing services provided. The investigation concluded in September 2015, with the FRC welcoming the actions taken by the blur Group Directors, which included making a prior year restatement to reduce reported revenues and increase loss before taxes, as well as clarify the organization's revenue recognition accounting policy.
CEO
The company was founded by current Chief Executive Officer, Philip Letts, former CEO of Beenz.com.
Clients
Customers include Danone, Tesco PLC, Argos, GE Healthcare, Caterpillar, Berlitz, and Solvay S.A., with enterprise clients Berlitz, Coral, GE Healthcare, and PaddyPower.