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Blackbird plc announced a business restructuring on May 22, 2023, which resulted in a number of people leaving the Company. This restructuring is projected to generate annual savings of circa £0.5 million.
| Date | 22 May 2023 |
| Time | 07:00:04 |
| Category | Corporate updates |
| ID | 1084A |
22 May 2023
Blackbird plc (the "Company")
Business restructuring
Blackbird plc (AIM: BIRD, OTCQX: BBRDF), the technology licensor, developer and seller of the market-leading cloud native video editing platform, Blackbird, announces that it has restructured its existing business which has led to a number of people leaving the Company. The annual savings from the restructuring will be circa £0.5 million.
Ian McDonough, Blackbird plc's CEO, stated: "Our streamlined team located across the major media markets of London, Los Angeles and New York, will continue to service and manage our global clients to an excellent standard. We are focusing on key direct and OEM growth opportunities in North America, LatAm and Europe. We also see future scale coming from our direct to creator SaaS platform and we are resourcing this opportunity appropriately.
"I am excited about our prospects, both from the conversations we are currently holding in the Media & Entertainment area and with our new SaaS platform. We are well funded with circa £9 million of cash and I look forward to updating shareholders on progress over the coming months."
Enquiries:
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Blackbird plc |
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Ian McDonough, Chief Executive Officer |
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Stephen White, Chief Operating and Financial Officer Tel: +44 (0)20 8879 7245 |
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Allenby Capital Limited (Nominated Adviser and Broker) Nick Naylor / Piers Shimwell (Corporate Finance) Amrit Nahal (Sales and Corporate Broking) Tel: +44 (0)20 3328 5656 |
About Blackbird plc
Blackbird plc operates in the fast-growing SaaS and cloud video market. It has created Blackbird®, the world's most advanced suite of cloud-native computing applications for video, all underpinned by its lightning-fast codec. Blackbird plc's patented technology allows for frame accurate navigation, playback, viewing and editing in the cloud. Blackbird® enables multiple applications, which are used by rights holders, broadcasters, sports and news video specialists, esports, live events and content owners, post-production houses, other mass market digital video channels and corporations.
Since it is cloud-native, Blackbird® removes the need for costly, high end workstations and can be used from almost anywhere on almost any device. It also allows full visibility on multi-location digital content, improves time to market for live content such as video clips and highlights for digital distribution, and ultimately results in much more effective monetisation.
Blackbird plc is a licensor of its core video technology under its 'Powered by Blackbird' licensing model. Enabling video companies to accelerate their path to true cloud business models, licensees benefit from power and carbon reductions, cost and time savings, less hardware and bandwidth requirements and easy scalability.
www.linkedin.com/company/blackbird-cloud