What LoopUp does
In a nutshell, the company’s core software-as-a-service (SaaS) product aims to make remote conferencing a whole lot simpler, and more productive.
It uses traditional telephony supplied by tier-one operators across four centres globally, but dialling into a call with an access code isn’t the preferred method for joining LoopUp meetings.
Instead, users simply click a web link and LoopUp will then call them on the phone of their choice.
Participants in the call are then displayed onscreen so people are able to know who is currently on the call and who is talking.
Users can even share biographical details via LinkedIn as well as documents and presentations via their desktops
LoopUp works with more than 20 of the world's top-100 law firms and over 20 of the world's top-100 private equity firms.
How it's doing
For the year ended 31 December 2019, the company reported adjusted earnings (EBITDA) of £6.4mln, 16% lower than the prior year, while revenues increased 24% to £42.5mln.
Active users during the year increased 24% in the year to 33,356, alongside a 19% rise in meeting minutes to 237mln.
The company also highlighted a “material increase in volumes” for its virtual meeting products during March 2020 as the coronavirus outbreak drives demand for remote working technology.
While the company said it was “too early to predict how usage levels will develop in the short term”, it added that it was receiving “amplified” approaches from companies struggling to adopt video conferencing solutions.
As a result, the company said it was confident of achieving “strong growth” in its core professional services market and meeting market expectations for 2020.
What the bosses say: Steve Flavell and Michael Hughes, co-CEOs
"The progression of key business metrics has led us to sharpen our focus on serving and further strengthening our position within the Professional Services market”.
- Revenues rose by 24% in past year
- Market share continues to increase as more customers are added
- Remote conferencing should get a bit boost from people working at home during coronavirus pandemic