Name: Ve Interactive
Date founded: 2009
Founder: David Brown
The opportunity was identified after an inventor came up with the idea of real-time data capture, but the assembled management team turned the proposition into a scalable reality, expanding the offering to 11 products and introducing the concept of real-time data processing and action.
“The market opportunity was clear but it meant challenging the accepted status quo of online performance metrics,” the company said. “We battled through significant resistance to change and adopted a performance model so that we only earned revenue on incremental revenue generation and made a real impact in the market. This meant that we had the right revenue model for the current economic climate and were able to guarantee producing incremental revenue. The market ahead of us is simply huge.
“Over the past three years we have acquired 6,000 clients manually, proving the value of our products in the market pace, the technology and positioned us as a global leader in website performance. The technology is now a semi-automated model and integrations with Google tag manager, Signal, Prestashop and more really ensure continued growth.”
Founder David Brown suggested that the company served as a digital platform that enabled customers to engage and acquire consumers online.
“The 88-91 per cent of consumers who get all the way through an online transaction and then get buyers’ remorse, or start comparison shopping or looking for promo codes, can actually be got through the basket, therefore increasing the conversion rates for websites,” he said.
“When you come to the market with a technology it’s important you look at the marketplace around you. Our initial solution solved the very key problem of attrition at the basket on websites.
“But the natural evolution, based primarily on customer demand, has meant that our core portfolio of software products has broadened. Where we were dealing with just the basket, we are now stretching to before the basket and after the basket. That’s resulted in a total suite of online efficiency.”
Ve is now serving 110m digital adverts per day and tracking over £40m of attempted transactions per minute. The company has 96 per cent market share today versus its marginal competitors.
The company has also developed an export model – 72 per cent of revenue is generated outside the UK and Ve does not use any offshore structures and reports all revenue consolidated in the UK.
It now has 18 offices worldwide and over 500 staff and recently won the title of Digital Champion in the Growing Business Awards 2014. In September 2013 it was one of six British companies chosen to be featured in The Telegraph’s Toshiba ‘Leading Innovation’ Series and was listed in the 2014 Digital Leaders Top 100.
The company intends to be the biggest digital success ever to come out of the UK and to produce a number of top-level entrepreneurs in the process.
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