Executive Interview – blur Group

blur Group is a UK-based, AIM-listed e-commerce group. It has developed and operates an online services exchange across 10 industries, which gives businesses around the world a better way to buy and sell services. It has more than 50,000 expert service providers registered on its exchange globally and has reported a steady roster of new enterprise customers using the platform including Amazon, Argos, Caterpillar, eBay and Regus. Since launch the average project size submitted has increased significantly and recently blur announced its largest project to date – a four-year sponsorship deal for the Tour de France worth an estimated $17m.
Having reached a critical scale, management is focused on improving exchange efficiency by increasing the automation of the exchange process for the more standard projects (in the $20k to $100k range) and on ensuring a high quality of exchange participant by targeting enterprise-class customers and growing the share of repeat business. blur raised an additional $22m last year and we estimate it will have $16m net cash as of December 2014. This should be more than adequate to see the group to break-even, which it is targeting for Q116, and provides funding for blur’s expansion plans, which are focused on the US and already account for more than 50% of its business.
In this interview, CEO Philip Letts discusses blur group’s strategy including its plans in the US and further enhancements to the platform. He also discusses what makes blur Group different to other service exchanges and how he believes businesses are starting to fundamentally change the way they approach service procurement.