Venture capital investor Beringea...Published: Tuesday, 09 November 2010 17:06
A small group of investors which includes international venture capital firm Beringea, London stock-market listed IS Solutions Plc and some existing private investors have injected £2 million of new capital into Speed-Trap (Holdings) Limited to fund its growth plans and the next phase of international expansion for this provider of disruptive web-based technology.
Speed-Trap is a privately-held independent software vendor of patented technologies that analyse how users interact with on-line applications in real-time.
Recent announcements from some of Speed-Trap’s £multi-billion customers have confirmed the breakthrough nature of the technology – one has generated a +2% increase in revenue on £1.5 billion ($3 billion) of online retail sales – another in the insurance industry has confirmed astounding 33% sales conversion rates through its call centre by exploiting the detailed customer and behavioural data that Speed-Trap provides to drive highly targeted marketing campaigns.
Customers include major online retailers such as Shopdirect – Littlewoods, JD Williams; online banking in RBS, HSBC and MBNA; online gambling in King.com and Rank; travel and leisure in the AA, Saga and P&O Ferries; online comparison sites moneysupermarket.com, comparethemarket.com and tescocompare as well as DirectGov’s online government sites. In addition to recent international deployments for Dataium in the US automotive sector, and FBTO & Agis Zorgverzekeringen in the Dutch insurance market and via our partner’s major Telecommunications and Retail brands in Asia and South America. All of these organisations use Speed-Trap’s disruptive technology to better understand their online customers and target them with more relevant offers and in so doing improve their online sales revenues.
Commenting about how Speed-Trap makes a difference to business, Chairman of Speed-Trap (Holdings) Limited, Geoff Shingles CBE, comments, “Businesses are starting to grasp the concept that their website has already met their future customers, Speed-Trap allows them to find out who they are and target them in real-time with relevant and effective messaging and campaigns.”
Speed-Trap delivers its products directly and via Partner organisations. In 2009, it signed new Partnerships to sell its software with SAS Institute and Teradata Corporation. In 2010 it has added a strategic partnership with Oracle Corporation – becoming an accredited Gold Partner which allows Speed-Trap and Oracle to work together to address major emerging international sales opportunities exploiting the synergy between Speed-Trap’s online customer insight and Oracle’s database, CRM and BI technologies.
Shingles continues, “We are already helping some of the biggest names in online retail, banking and finance, gambling, leisure and travel businesses to get to know who their website visitors are before they even become transacting customers.”
Commenting on the need for the investment, Shingles explains, “We have established relationships with some great partners who take us to market as part of their business solutions, such as SAS and Teradata, and most recently Oracle Corporation. Our next round of expansion is to establish Speed-Trap in some new geographies (particularly in the USA), to support further business development, and support Speed-Trap’s sister brand Magiq.
Traditional CRM systems can help you understand your customers and personalize and optimize your communications and dealings with them, but they only deal with the second half of the customer’s life cycle - the bit after they become customers. However, businesses only grow by finding new customers, so the part of the relationship that occurs before the visitor’s first purchase, is actually the most important for growth. Speed-Trap helps business to extend their traditional view provided by CRM systems by providing visibility of this ‘pre-purchase relationship’.”
From a technical perspective, Speed-Trap captures complete, detailed, real-time customer, behavioural and experiential data which can then used within an organisation’s IT infrastructure to optimize businesses processes and profitability by providing a cross-channel view of the customer, and driving relevant communications and actions.