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TRANSCRIPT
blurgroup.com © 2017 blur Group PLC
The Indirect Spend Management platform
February 2017
blurgroup.com © 2017 blur Group PLC
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blurgroup.com © 2017 blur Group PLC 2
Agenda
1. Why blur?
2. The Indirect Spend Market Opportunity
3. blur’s Solution -‐ blur 6.0 & 7.0
4. Customer Economics
5. H2 2016 Highlights & Key Financials
6. Growth Strategy & Investment Summary
7. Appendices
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blurgroup.com © 2017 blur Group PLC
Corporate Snapshot
● AIM-‐listed blur operates the market-‐leading Indirect Spend Platform & Marketplace
● Works closely with large Enterprise customers
● Up to 20% cost savings per transaction; access to 65,000+ world-‐class vetted suppliers
● Estimated global cost of Indirect Procurement waste up to $2.28T
● Management team with extensive experience in Enterprise-‐grade Cloud software solutions
● Growth will be driven by wide adoption of blur’s Cloud software platform in large Enterprises
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1. Why blur?
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blurgroup.com © 2017 blur Group PLC
The Indirect Spend Problem
● Sourcing and Procurement under constant, increasing pressure to reduce costs
● Corporations focusing on high value procurement at strategic (usually direct) spend
● Organisations make large volumes of smaller purchases, unmanaged by Procurement
● Small, unmanaged purchases carry a higher risk of procurement waste or fraud
Focussing on improving Indirect spend management can save companies around 20% in costs and 15% in management time
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1. Why blur?
Unmanaged indirect spend has a highlevel of procurement waste
Fraud
Excessivemanagementcosts
Unmanagedcontracts
Maverickspending
blur analysis of proportion of waste in Indirect Spend
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Customised Managed ServicesCustomers able to choose from a range of service options
blur’s Unique Business Model 1. Why blur?
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Marketplace>65,000 vetted suppliers compete for business
Software PlatformEnterprise-‐grade functionality in easy to implement Cloud solution
Enterprise customer
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blurgroup.com © 2017 blur Group PLC
Proven and established global supplier vetting processes
Transparency and control across all uncontracted spend
Compliant sourcing and delivery for goods and services
Low cost, scalable setup with simple user interfaces
blur’s Marketplace: specifically designed to meet the needs of Indirect Procurement
● One end-‐to-‐end software platform spanning procurement across all indirect spend ● Cloud software and managed service allows full outsourcing of indirect spend● Advanced enterprise software including sourcing, bid management, projectmanagement, payment and reporting
The Cloud-‐Based Solution for Indirect Procurement
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● Cloud-‐based software platform● No system integration required in early roll outs● Easy-‐to-‐use, multi-‐tiered user interface● Accessible from anywhere: desktop, laptop, mobile or tablet
● Spend analysis of historical transactions● Benchmarking against existing spend● Real-‐time reporting on budget approvals and spend activity
● Consolidated management of >65,000 suppliers on blur’s marketplace ● Supplier selection driven by blur Sense™, a proprietary algorithm using machine intelligence● Continuous vetting through customer feedback and blur’s Customer success team review
1. Why blur?
blurgroup.com © 2017 blur Group PLC
The Indirect Spend Market Opportunity
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Estimated Global Cost of Indirect Procurement Waste – up to $2.28T
● Enterprises that do not employ spend analytics regularly miss 10-‐15% in savings(AMR RESEARCH)
● Better procurement could save 32.3m hours and $1.5B per year in North America alone(TOPLINE STRATEGY GROUP)
● An effective procurement strategy provides savings year after year
● Cost reduction is the No. 1 strategic imperative for CEOs in 2016 and beyond(KPMG)
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2. The Market Opportunity
Procurement Waste Reduction -‐ Best Practice
● Smart Spend Management● Rightsourcing● Sharing Economies/Online Platforms
Immediate actions:
● Implement a competitive bidding structure● Go digital● Educate staff about fraudulent activities● Create strong supplier relationships● Implement a business services catalogue
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blurgroup.com © 2017 blur Group PLC
transformational Application PaaS(aPaaS)
Multidomain MDMSolutions
Multienterprise GridFunctionality
high Contingent WorkforceVendor Management Systems
Electronic Signatures
Procurement Networks
Contract Life Cycle Management
E-invoicing
Procure-to-Pay for Indirect Spending
Sourcing Optimization
SOW Services P2P Solutions
All-in-One Supply Collaborations Platforms
Solution-to-Pay BPO
Gartner 2015 – Priority Matrix for Procurement and Sourcing Solutions
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benefit years to mainstream adoption
Less than 2 years 2 to 5 years 5 to 10 years More than 10 years
2. The Market Opportunity
as at August 2015
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blurgroup.com © 2017 blur Group PLC
transformational Application PaaS(aPaaS)
Multidomain MDMSolutions
Multienterprise GridFunctionality
high Contingent WorkforceVendor Management Systems
Electronic Signatures
Procurement Networks
Contract Life Cycle Management
E-invoicing
Procedure-to-Pay for Indirect Spending
Sourcing Optimization
SOW Services P2P Solutions
All-in-One Supply Collaborations Platforms
Solution-to-Pay BPO
Gartner 2015 – Priority Matrix for Procurement and Sourcing Solutions
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benefit years to mainstream adoption
Less than 2 years 2 to 5 years 5 to 10 years More than 10 years
2. The Market Opportunity
as at August 2015
Moderate Strategic Sourcing Suites
Suppier Portals
Data Quality for Purchased Parts
Dynamic Discounting
Enterprise Legal Management
Indirect Sourcing & Procurement BPO
Information Exchanges
IT Vendor Risk Management
Mobile Procurement Applications
MRO Procurement Solutions
Commodity Trading and Risk Management
Freelance Management Systems
Project P2P Solutions
Source-to-Settle Solutions
Supply Event Monitoring
Sustainable Sourcing and Procurement
low
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Only good for catalogue based goods and services
Gartner Indirect procurement
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2. The Market Opportunity
COUPA
ARIBA (SAP)
BASWARE
VERIAN
JCATALOG
B-‐PACK
SCI-‐QUESTI-‐VALUA
PURIDOMCAPGEMINI IPX
ELCOM
ORACLEE-‐BUSINESS SUITE
PERFECT COMMERCE
GEPWAXDIGITAL
ORACLE PEOPLESOFT
PROACTIS
MERCADO ELECTRÔNICOSAP SRM
BIRCHSTREETSYSTEMS
Challengers Leaders
Niche Players Visionaries
blur
COMPLETENESS OF VISION
ABILITYTO
EXEC
UTE
Source: Gartner (March 2015)
blurgroup.com © 2017 blur Group PLC
blur’s Solution blur 6.0 & 7.0
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blurgroup.com © 2017 blur Group PLC
blur 6.0 Software Platform Architecture
Core Platform Services
www.blurgroup.com
Application Services Goods & Service Processing
SupplierCustomerblur Servicesblur Sense ™Dashboards
3. blur 6.0 & 7.0
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blur 6.0 – Enhancing the Enterprise Feature Set
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3. blur 6.0 & 7.0
Goods and ServicesGoods added to the Marketplace for the first time. blur now provides complete
Indirect Spend platform
Multi-‐user Account ManagementIntroduce company accounts, manage users within an account, set user groups and roles, account budgets, user permissions for submitting and managing projects, and workflow approvals
Management ReportingSpend and project progress reporting including total project spend on an account, group and individual user basis, and drawdown reports of
spend against proposed budgets
Universal Dashboard 1.0Single dashboard for users to buy and sell
goods and services, as well as managing their account and all of their projects
blur Sense 3.0Improved automation of service provider shortlist and pitch ratings as well as automated selection. Search improvements with tagging in user profiles
and briefs
Turning suppliers into buyersAdding simple one click customer account creation for suppliers and simple switching between buyers
or sellers dashboards
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3. blur 6.0 & 7.0
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blur 7.0
NetSuiteIntegration
Mobile App 2.0
Advanced Reporting
blur Sense 4.0
Platform API2.0
Unified Supplier sign up
Advanced Messaging
Advanced Roles & Permissions
Enhanced PlatformPerformance
Detailed Company Functionality
Catalogues
UniversalDashboard 2.0
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www.blurgroup.com
Multiple Routes to Market 4. Customer Economics
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Customers visit blur website
Inbound Partnership
Resell / white labelRe-‐sell /
white label
Partnership
Spotblur’s inside sales desk targets
mid-‐sized/ verticals
SpotPlatform
blur’s Enterprise sales team targets large corporates
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blurgroup.com © 2015 blur Group PLC
Optimising Mid-‐market buyer base while developing Enterprise Platform opportunities
blur Customer Profile
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Customers’ Annual Revenue
Number of projects per account per annum
$1bn $2bn
300
500
1,000
5,000
100
$500m$100m
Mid-‐market buyers
Large Enterprise customers
Telemarketing/Inside Sales Enterprise Sales
$5bn+
4. Customer Economics
Source: blur research
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blurgroup.com © 2017 blur Group PLC
Multiple Revenue StreamsRevenue stream Nature of revenue GM %
Access -‐ Single User Access Fee Charged at commencement of project -‐ 10% of project value 100%
Access -‐ Buyer Subscription Group/Enterprise/Ultimate 100%
Access -‐ Seller Subscription Standard/Professional/Enterprise 100%
Project revenue (Services)-‐ blur acts as principal
Supplier cost plus transaction fee = project revenue 20%
Project revenue (Goods)-‐ blur acts as agent Transaction fee = revenue 100%
Premium Services blur Manage Ultra, Express, Protect Advanced, Engage ~ 10% of project value 100%
GM % is quoted before the deduction of delivery staff costs
4. Customer Economics
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Onboarding
Time
Users
Transactions
Spend
3 months
Up to 10
30-‐50+
Up to $1M
Trial Supplier Management
Structure
Enterprise Customer Roll Out
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Roll Out 1 Roll Out 2
12 months
5-‐15
Single Function/Single-‐Country/Spend-‐Category
$1M-‐$3M
Shared Supplier Management
Multi-‐year
15+
Multi-‐Function/Multi-‐Country/Multi-‐Category
$3M+
OutsourceSupplier Management
4. Customer Economics
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blurgroup.com © 2017 blur Group PLC
Potential Savings in Indirect Spend
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Sector Revenue Indirect SpendPotential Savings
Alcoholic Beverages $7,110m $2,407m $116m
Broadcasting, Media & Cable TV $5,660m $2,270m $109m
Apparel, Footwear & Accessories $3,301m $1,260m $60m
Oil & Gas – Integrated Operations $3,400m $1,030m $48m
Biotechnology & Drugs $1,417m $660m $31m
Internet Services & Social Media $1,400m $542m $26m
Consumer Financial Services $1,353m $420m $20m
Print Media & Newspaper Publishing $221m $73m $4m
Educational Services $210m $62m $3m
4. Customer Economics
Key early Enterprise verticals include:● Consumer Goods/FMCG● TMT● Public Sector● Professional Services
Source: blur research
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blurgroup.com © 2017 blur Group PLC
0
10
20
30
40
50
$ Millions
Annual Revenue GM
blur Scales on Platform Roll Outs
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4. Customer Economics
# Mid -‐market
customers
# Platform customers
(MED)
# Platform customers
(LGE)
Annual revenue
($M)
Annual GM($M) GM %
10 1 1 8.3 2.1 25.0
15 3 1 13.4 3.3 24.7
20 5 2 22.3 5.5 24.5
30 10 5 45.7 11.1 24.3
GM% is quoted before the deduction of delivery staff costs
10 15 20 30
1 3 5 10
1 1 2 5
# Mid -‐ market customers
# Platformcustomers (MED)
# Platformcustomers (LGE)
Example customer profilesMid -‐
marketPlatform
(MED)Platform
(LGE)
Average no. of projects per month 4 15 30
Average value of project (USD) 5,000 10,000 10,000
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blurgroup.com © 2017 blur Group PLC
Q1 2017 Customer Engagements
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4. Customer Economics
Mid-‐market Large Enterprise
Group annual buyer plan subscription taken by Ashfords, a Top 100 UK-‐based law firm. Working on significant multiple six-‐figure order.
Working on onboarding arrangements with global electronics/technology Enterprise.
Europe’s leading manufacturer of powered garden equipment, Global Garden Products, currently ordering through platform. Aiming to establish blur as strategic marketing procurement partner.
blur continuing to work with global sportswear retailer on initial pilot due to launch in 2017.
De’Longhi, a leading brand in home appliances, is currently working with blur on a strategic new product launch. Discussing wider rollout.
blur engaged with Head of Procurement of UK train operating group. Discussing 6 month pilot.
Discussing extension of existing projects with FTSE 250-‐listed multi-‐channel retail group.
Initial discussions with procurement team at FTSE 100-‐listed Energy and Services company
Initial order placed by Devon County Council. Discussing wider rollout of blur’s platform across all marketing activity.
Initial discussions with procurement team at global Life Science company
blurgroup.com © 2017 blur Group PLC blurgroup.com © 2017 blur Group PLC
H2 2016 Highlights & Key Financials
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blurgroup.com © 2017 blur Group PLC
H2 2016 Operational Highlights
● First annual subscription to Group buyer plan by Ashfords, a Top 100 UK law firm
● Goods added to blur’s Marketplace
● blur engaged with several large corporates working to successfully conclude pilots
● blur 6.0 development completed delivering further Enterprise-‐class functionality
● Fifth consecutive quarter of cash burn reduction
● FY2016 EBITDA expected to be ahead of expectations
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5. H2 2016 Highlights
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blurgroup.com © 2017 blur Group PLC
0.0
1.0
2.0
3.0
4.0
5.0
H1 2015 (actual)
H2 2015 (actual)
H1 2016 (actual)
H2 2016 (analyst forecast)
$ Millions
2015-‐16 LBITDA
0.0
1.0
2.0
3.0
4.0
5.0
H1 2015
Q3 2015
Q4 2015
Q1 2016
Q2 2016
2015-‐16 LBITDA (quarterly breakout)
2016 Financial Update● Four consecutive quarters of reported LBITDA improvement● Costs reduce as efficiency improves – platform, operational● FY2016 LBITDA slightly ahead of management expectations
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5. Key Financials
$ Millions
(H1, H2 2015 audited, H1 2016 unaudited)
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blurgroup.com © 2017 blur Group PLC
0.0
1.0
2.0
3.0
4.0
Q1 2015
Q2 2015
Q3 2015
Q4 2015
Q1 2016
Q2 2016
$ Millions
2015-‐16 Quarterly Cash Burn
2016 Cash Flow
● Five consecutive quarters of reported underlying cash burn reduction
● Cash at end of Q4 2016 was $2.5m ($3.1M at constant currency)
● R&D tax credits 2014 received Q1 2016: $0.5M2015 received Q3 2016: $0.4M
● Quarterly burn figures exclude FX
blur has zero bank debt
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5. Key Financials
0.0
1.0
2.0
3.0
4.0
5.0
6.0
H1 2015 (actual)
H2 2015 (actual)
H1 2016 (actual)
H2 2016 (analyst forecast)
$ Millions
2015-‐16 Cash Burn
(H1, H2 2015 audited, H1 2016 unaudited)
blurgroup.com © 2017 blur Group PLC blurgroup.com © 2017 blur Group PLC
Growth Strategy& Investment Summary
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Growth Strategy
● Focus on large Enterprises who prioritise Indirect Spend
● Continue to expand customer base via multiple channels
● Continue to build quality and breadth of suppliers
● Attract and develop top technical and sales talent
● Drive profitable growth while maintaining efficiency
● Retain first mover advantage and become the Indirect Spend platform of choice for large Enterprises
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6. Growth Strategy
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blurgroup.com © 2017 blur Group PLC
Investment Summary● Large market opportunity -‐ Enterprises increasingly
recognise the need for systematic control of Indirect Spend● blur’s technological advantage and expertise specifically
honed to the Enterprise market● 8 years’ R&D investment in a unique solution to the Indirect
Spend market; Goods and Services plus Managed Services● blur is poised for growth driven by Enterprise customers
widely adopting its Indirect Spend platform● blur will scale efficiently as platform rollouts progress
Management are confident that with clear growth potential, and rigorous focus on cash and cost control, the business will move to sustainable profitability.
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6. Investment Summary
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blurgroup.com © 2017 blur Group PLC
Plc boardDavid Sherriff – Chairman and Lead Independent Director David started his working life as an Officer in the British Army. During his early business career David worked in sales roles for RR Donnelly and then Hoskynswhich got acquired by CapGemini where he started the development of the Telecoms sector in the UK. In 1993 David joined ECsoft Group, which he grew to 500 staff in three years. The ECsoft Group undertook an IPO in 1995 on NASDAQ and then a full listing on the LSE in 1997. David was the UK Managing Director from 1996 until leaving in late 1998. David joined Kaisha Ltd a Business Intelligence Company in 1999 which was then acquired by Microgen plc. He was appointed Chief Operating Officer of Microgen plc in 2005 and in 2011 was appointed Chief Executive Officer of Microgen managing both the Group and the Aptitude Solutions Division. In August 2013 David announced that he was retiring from full time executives roles and would be pursuing a career in agriculture as well as undertaking non executive directive roles with select UK based technology companies such as blur Group.
Philip Letts – Chief Executive OfficerPhilip has run a string of high profile web ventures operating across the US and Europe including an established Silicon Valley venture. Philip co-‐founded Beenz.com in 1998, an internet currency programme. By mid-‐2000, the business was valued at $300 million in a transaction led by Philip just prior to him being recruited to run Tradaq Inc. Beenz.com was sold privately in 2001 to a US corporation. In 2000, he became CEO of Tradaq, formerly Internet Barter Inc, which became a part of a public company post merger. Following this he was CEO of Surfkitchen which was later sold to SymphonyTeleca. Philip then decided to focus on a new enterprise, wanting to embrace the Open Source software principles whilst creating a game-‐changing business – this became blur Group.
Kara Cardinale – Chief Delivery OfficerKara is a US entrepreneur with experience in the design and media industry. She started her career in public relations and marketing at Bergdorf Goodman, New York and Giorgio Armani. She then moved to Italy's second largest press agency and spearheaded their growth into corporate video network releases and developed several music news programs for broadcast on Radiotelevisione Italiana S.p.A. as well as regional television networks, in conjunction with BMG and EMI. She built her own design firm and managed artists and their public studios before co-‐founding b-‐uncut.net in 2007.
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Plc boardTim Allen – Chief Financial OfficerTim has over 20 years experience leading Finance teams, focussed on technology companies. His experience spans both small and large corporates. He was the Finance lead on the sale of Orthogon Systems to Motorola Inc. in 2006 and also on the subsequent sale and divestiture of the Cambium Networks business in 2011. From 2011, Tim was the CFO of Cambium Networks, a Private Equity backed Wireless Infrastructure company. He successfully led Finance, HR and IT teams, implementing scalable efficient processes, across the globe, in a complex hi-‐tech business.
Roger de Peyrecave – Non-‐Executive DirectorRoger qualified as a Chartered Accountant in 1983 and is a member of the Institute of Chartered Accountants in England & Wales. In 1992 he became an audit partner at PricewaterhouseCoopers and since then has worked with many private and public companies, particularly in the media, technology and travel sectors. His clients have ranged from entrepreneurial businesses to international FTSE 100 companies and he has been reporting accountant on many IPOs and Class 1 transactions. Within PwC he has held senior management positions at office and regional level and he was also a director of the PwC company that owns a shared service delivery centre in Poland.
Rob Wirszycz – Non-‐Executive DirectorRob has worked for the last 15 years as chairman, advisor and mentor for start-‐up, scale-‐up, turnaround, private equity and public businesses. He has expertise in strategy, marketing, sales and ‘people’, in areas such as e-‐commerce, outsourcing, software products, insurance and consumer electronics. Before being plural, Rob worked for EDS as European Marketing Director; the IT industry trade association, CSSA as Director General; and was CEO of a number of fast growing companies in the UK and overseas. Rob has an MBA, is a Chartered Engineer and Marketer; a fellow of the RSA, IoD, ISMM, and BCS; a Court Liveryman of the IT Livery Company, where he is Chairman of the Entrepreneurs Panel; and a Visiting Senior Fellow at Cass Business School. He is on the ‘Maserati 100’ list of entrepreneur mentors, and won ‘Mentor of the Year’ for the second time at the 2015 Enterprise Awards.
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blurgroup.com © 2017 blur Group PLC
Shareholders @ 14 February 2017 % Cumulative %
Philip Letts 30.1 30.1
Robert Keith 14.5 44.6
JO Hambro 11.7 56.3
River and Mercantile Asset Management 6.6 62.9
Hargreaves Lansdown 5.0 67.9
TD Waterhouse 3.7 71.6
Interactive Investor 3.5 75.1
Other directors 0.3 75.4
Others 24.6 100.0
Shareholdings & key data
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Exchange AIM
Ticker BLUR
Shares in issue 47,092,851
NOMAD/Broker N+1 Singer
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blurgroup.com © 2017 blur Group PLC
Strategically Managed Spend vs Tail Spend
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StrategicallyManaged Spend(usually Direct) “Tail Spend”
(usually Indirect)
High, in-‐house procurement focus
Low focus. Uncontrolled. Low compliance
1. Why blur?
COST SAVINGS COMPLIANCE EFFICIENCY
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blurgroup.com © 2017 blur Group PLC
DisclaimerThe information contained in this confidential document ("Presentation") has been prepared by blur Group plc (the "Company"). This Presentation has not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000. Reliance on this Presentation for the purposes of engaging in any investment activity may expose an individual to a significant risk of losing all the assets invested. This Presentation is not an offer or invitation or solicitation of any offer to acquire securities of the Company nor does it constitute or form a prospectus or part of any invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services Markets Act 2000). It is being delivered for information purposes only to a very limited number of persons and companies who are (a) persons who have professional experience in matters relating to investments and who fall within the category of person set out in Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (b) high net worth companies within the meaning set out in Article 49 of the Order. Any other person who receives this Presentation should not rely or act upon it and should return it immediately to the Company. By accepting this Presentation, the recipient represents and warrants that they are a person who falls within the above description of persons entitled to receive the Presentation. This Presentation is not to be disclosed to any other person or used for any other purpose.
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While the information contained herein has been prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers give, have given or have authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this Presentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as "Information") and liability therefore is expressly disclaimed.
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Accordingly, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortuous, statutory or otherwise, in respect of, the accuracy or completeness of the Information or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this Presentation.
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If you are in any doubt about the investment to which this Presentation relates, you should consult a person authorised by the Financial Services Authority who specialises in advising on securities of the kind described in this document.
blurgroup.com © 2017 blur Group PLC
The Indirect spend management platform
Blur Group Plc – Contacts
39
February 2017
blur Group plcTim AllenChief Financial OfficerTel: (0) 7818 432437
Blur Group plcEagle House, 1 Babbage Way, Exeter Science Park, Exeter, Devon EX5 2FN
Yellow JerseyFelicity WinklesAlistair de Kare-‐SilverTel: (0) 7825 916 715
N+1 SingerJamie Constable -‐ SalesShaun Dobson – Corporate FinanceTel: (0) 20 7496 3000