Tech firm VMob to change name to Plexure

Thursday 7th July 2016

VMob, the mobile advertising firm, is changing its name to Plexure Group to better reflect the connective role it plays with global retail customers such as McDonald’s and Ikea.

Plexure, is from the Latin word plexus, which means the art of weaving together, the San Francisco-headquartered company said in a statement.

VMob's technology platform delivers personalised, location-based promotional offers to mobile phone users on behalf of major brands to increase sales.

Chief executive Scott Bradley said the exponential growth in the 'Internet of Things' and connected consumers means retailers want to communicate personalised messages to customers through whatever digital channel or combination of channels is most effective.

“While our heritage is mobile, the breadth of engagements that are driving our new revenue includes 'Internet of Things' devices, in‐bar screens, RFID tags, beacons, even voice and facial recognition,” Bradley said.

VMob joined the NZX main board in January and widened its annual loss to $6.6 million in the year ended March 31, 2016 from $4.4 million a year earlier while investing in building a presence in the US market and developing its technology platform. Revenue more than doubled to $6.6 million while annualised committed monthly revenue (ACMR) rose 70 percent to $5.4 million.

Chairman Phil Norman said that once the name change is approved, VMob’s ticker code would change to PLX and this is expected to take effect from July 22.

In May, VMob said it expected to raise more capital in the second half of 2016, possibly including a US-based strategic shareholder.

VMob shares recently traded at 33 cents.

BusinessDesk.co.nz

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