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Our goal in 2014 is to firmly establish blur Group in the enterprise space, delivering consistently on higher volume projects.

blur Group,a business services marketplace in the cloud at blurgroup.com, is pleased to announce that, with a strong show of support from existing and new institutional investors, it has raised $22 million (£13.1 million) (before expenses) to accelerate growth in Asia Pacific markets and meet demand from enterprise-class customers looking for efficient delivery of tail spend projects.

blur Group’s plans include international expansion with the addition of Asia Pacific and European sales teams and also an active campaign to focus on medium to large customers to attract larger and more profitable projects. The Group will also continue to expand its partnership program to enhance its global network and accelerate development of the Global Services Exchange with the launch of blur 5.0 in 2015.

The announcement comes as blur Group releases its audited final results for the year ended 31 December 2013. Operational highlights include:

- Creation of global HQ in Exeter, UK supported by regional sales offices in US and London, UK
- Launch of blur 3.0 - multiple enhancements made to trading platforms including the re-architecture of the platform to support high volumes of briefs, projects, partners, experts and customers
- Project bands on the Global Services Exchange increased to receive projects of over $1m in Q1, rising again to $5m in Q3 2013
- In 2013, 2,086 new briefs were submitted, 169% up on 2012
- Successful share placing conducted in June 2013, raising $11.97m (£7.62m) before expenses

Financial Highlights
- Total project booking intake(1) increased by $19.8m to $22.2m (2012 $2.4m)
- Revenue increased by 70.1% to $4.78m (2012 $2.81m)
- Gross profit increased by 58.9% to $1.16m (2012 $0.73m)
- LBITDA(2) increased to $6.37m (2012 $1.81m)
- Cash balance as at 31 December 2013 of $9.56m (2012 $4.45m)

*Proposed capital raising of approximately $20 million (£11.9 million) by way of a placing, and up to an additional $2 million (£1.2 million) through an open offer
(1)The total bookings intake represents the project values (excluding listing fees) as agreed and confirmed by the customer in the year. It is used to measure the total expected revenue to be recognized over the life cycle of these projects and can include a proportion that is contingent, with revenues being recognized in the current and future periods, either over timelines or upon milestones being achieved. This booking value may change over time due to the scale, contingent elements and complexity of projects.
(2) LBITDA is loss before interest, tax, depreciation and amortization.

Philip Letts, blur Group CEO, said:
“Our goal in 2014 is to firmly establish blur Group in the enterprise space, delivering consistently on higher volume projects. We will continue to attract and deliver for the small business at scale and increasingly cost effectively. Developments in our technology platform, embedded in our blur 4.0 launch, will deliver true enterprise levels of scalability and automation. We believe this move will provide organizations with the confidence to use what we call ‘services-commerce’ to source every aspect of the longtail of their services procurement.

“While we made good progress in 2013, I strongly believe we have only scratched the surface. We are confident that we are at the cusp of major, profitable growth as the benefits of s-commerce are experienced and understood by our markets. I look forward with confidence into 2014 and beyond.”
For fully audited accounts for financial year ending December 31, 2013, please visit: www.blurgroup.com/investors

For further information please contact:

blur (Group) plc
Ruth Speakman
Tel: +44 7795 011678
ruth@blurgroup.com

About blur Group plc at blurgroup.com

blur Group’s Global Services Exchange is a business services marketplace that enables 45,000+ business users in 145 countries to buy, sell and deliver core business services and take advantage of Software as a Transaction™ to pay for those projects. blur Group is a public technology company (BLUR: LSE AIM).

This press release was distributed by ResponseSource Press Release Wire on behalf of Blur Group in the following categories: Consumer Technology, Business & Finance, Media & Marketing, Computing & Telecoms, for more information visit https://pressreleasewire.responsesource.com/about.