This process reiterates Mirriad's unique market position and its exceptional assets while addressing the ineffectiveness of its previous Go To Market strategy.
He takes over from
John has a background in advertising and a long history in the successful commercialisation of media, technology and high growth companies. He is the former CEO of
"Having worked with the Company since the IPO, and with Roger on recruiting Stephan and resetting our strategy, it is a natural step to take on the Chairmanship. Roger has done an amazing job in steering the Company through its formative stages and the IPO. The rest of the Board and I are very grateful for his hard work, passion and dedication in getting Mirriad to its current stage. I would like to join the Board in thanking Roger for all he has done to set up the very exciting opportunities that lie ahead. Now that we have refocussed the business the Chairman's role will require significant time invested in
"I took up the CEO role because I believe that the unique capabilities of the Mirriad technology can be immensely successful as the advertising market continues transforming globally.
"The strategic reset we have implemented identified key areas where swift action would put the company on a path to growth and sustainable value creation for our investors. This involves a complete refocussing of our commercial approach and doubling down on our award-winning technology. We will reformulate our investment case to support what we already believe is a commercially attractive business case. The changes announced today are a further step in delivering the new strategy with a new team and they show our determination to move fast."
ENDS
Notes to Editors
Mirriad was admitted to the AIM on
The key elements arising from the reassessment of the strategy are:
1. Mirriad has unique, award-winning and patent-protected technology for embedding advertising content into existing video
2. Its addressable market in television and on-line video is large and growing
3. The format is preferred by consumers making it an effective advertising solution that delivers a strong return on investment for advertisers and their brands
4. Use of the Mirriad product opens up significant revenue opportunities for broadcasters/distributors and offers significant strategic benefits to media agencies and their advertiser clients
5. Mirriad's Go To Market strategy has historically been flawed. There was previously a lack of focus on the demand side of the market (media agencies and brands/ advertisers) and the company had spread itself over too many markets
6. To address these issues the company will:
a) Implement a revised Go To Market strategy to accelerate demand by engaging with clients and media agencies as channel partners
b) Build scale by attracting additional linear and digital distribution partners as well as content producers to create a rich and dynamic marketplace. In parallel accelerate technology platform automation and eco-system integration
c) Focus on core markets and the right kind of revenue. The company will focus on markets with high per capita advertising spending and in particular the
d) Pursue one vision, one strategy and one plan that focuses the company on its path to success and ensures that all resources are aligned to the opportunity
7. The company has already started pursuing its new strategy and, together with the new CEO and President, Mirriad has:
a) Appointed a new CTO in
b) Exited Brazil
c) Exited India commercially
d) Streamlined its operational teams
e) Put in place new management in the
f) Put in place a new organisational structure in
g) Started to implement a new organisational structure in
h) Taken steps to integrate its product and technology teams
8. The company believes it has a strong investment story based on this clear strategy for long term growth, unique technology that embeds rather than overlays video, a product which audiences accept and a substantial market opportunity with favourable industry dynamics.
9. The company disclosed cash holdings at the end of
About Mirriad
Mirriad is an established computer vision and AI-powered platform company, built on Academy-Award winning entertainment tech, with 14 patents. Using sophisticated technologies, Mirriad connects people with brands, through seamless ad insertions in popular linear and digital content. Advertisers can now reach very large target audiences in a contextually relevant way without interrupting the viewing experience.
Research has consistently shown in-video advertising to be highly effective for the marketer and preferred by audiences on TV, online, and mobile.
Mirriad is headquartered in
View the Mirriad showreel here.
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