Maistro
| Company type | Private |
|---|---|
| Founded | 2007 |
| Headquarters | |
Area served | Worldwide |
Key people | Phillip Shuldham-Legh (CEO) |
| Services | Cloud-based Procurement-as-a-Service |
| Website | maistro |
Maistro (formerly Blur Group) is a UK-based company which provides an online platform for organisations to buy and manage services within tail spend.
Services
[edit]Maistro is a UK-based technology company that provides a hybrid of platform and procurement category expertise to enable organisations to purchase and manage services within the area of tail spend (small value purchases outside of contracts).
The company has a database of over 35,000 suppliers made up of providers from the UK/Europe, AsiaPac and North America. As part of using the platform customers benefit from access to the pool of suppliers, with Maistro vetting suppliers at various levels depending on the customers preferences.
The Maistro e-procurement platform uses a mix of AI and automation to enable anyone from an organisation to buy services quickly; from scoping, tendering and shortlisting to selecting, contracting and paying suppliers, while procurement teams benefit from ‘hands-off’ visibility and control, knowing that every purchase falls within their pre-defined standards.
History
[edit]Establishment
[edit]The company was founded as Blur Group PLC in 2007 and was based in Exeter Science Park, Exeter, in the UK.[1] Its early service offerings included a b2b exchange, b-uncut.net, focused initially on the media and creative industries.[2]
Under the leadership of CEO Philip Letts (formerly CEO of Beenz.com), an investment round in Q4 2011 attracted investment from Archie Norman, among others.[3][4]
In 2012, the company claimed its 1,200th project,[5] and went public on the London Stock Exchange Alternative Investment Market (AIM) in October 2012.[6][7]
In 2013, Blur raised $11.5m in a secondary round of financing[8] and opened an office in Dallas, Texas,[9] followed by raising a further $22m in May 2014.[10] Also in 2014, it claimed the third iteration of its platform was being adopted faster than anticipated.[11] In 2015, it claimed it had 65,000 service providers.[12]
Financial reporting concerns (2014-2017)
[edit]In 2014, Blur Group's stock price fell due to concerns regarding how revenue was reported. This came to light after a profit warning was released, indicating that multiple projects valued at over $100,000 were delayed until the next quarter, resulting in an 80% plunge in stock prices over previous year.[13] Blur issued four profit warnings between January 2014 and May 2015, and had to replace three CFOs in two years.[14]
An investigation led by the Financial Reporting Council (FRC) was initiated to determine if Blur Group was the principal or agent with regards to the outsourcing services provided. The investigation concluded in September 2015, with the FRC welcoming the actions[15] taken by the Blur Group directors, which included making a prior year restatement to reduce reported revenues[16] and increase loss before taxes, as well as clarify the organisation's revenue recognition accounting policy.
Further financial reporting problems led to the company's shares being suspended in June 2017,[17] and reports that Blur could go into administration.[18]
2017 leadership changes
[edit]In July 2017, the company replaced its entire board.[19]
CEO Philip Letts left the company on 1 August 2017 (having presided over a share price plunge from a 2014 high of 665p to 3p),[20] Laurence Cook, appointed as chief commercial officer in November 2016, became Blur Group CEO,[21] and new chairman David Rowe slashed costs and raised £1.5 million to try to steady the company.[22] The company moved its UK office to Pynes Hill in Exeter in late 2017.[23]
Name change, delisting
[edit]In January 2018, Blur Group PLC changed its name to Maistro PLC.[24][25]
In March 2019, the company moved its offices back to Exeter Science Park.
On 28 June 2019, at the request of the company, Maistro PLC Ordinary Shares were cancelled from trading on AIM and the company became a private limited company, Maistro UK Ltd.[26]
2020-present
[edit]In October 2020, CEO Laurence Cook stepped down and strategic development director Phillip Shuldham-Legh was appointed Maistro CEO.
Former England captain and Rugby World Cup winner, Lawrence Dallaglio was company sales director until November 2022.[27]
In November 2020, the company announced it had achieved ISO27001 accreditation.[28]
References
[edit]- ^ "South West can be proud of AIM-listed Blur Group, Mulberry and Sutton Harbour Holdings". Exeter Express and Echo. Retrieved 1 December 2015.[permanent dead link]
- ^ "blur Group plc Admission to Aim". Investegate.co.uk. Retrieved 8 January 2016.
- ^ Hurley, James (17 July 2012). "No need to burn venture capital to be a tech success". The Telegraph. Retrieved 20 December 2015.
- ^ "Blur Group Raises $2M To Disrupt How Marketers Pick Creatives For Campaigns". TechCrunch. 17 April 2012. Retrieved 1 December 2015.
- ^ "blur Group: The pace of growth quickens as crowdsourcing group handles 1,200th brief". proactiveinvestors.com. 23 October 2012. Retrieved 1 December 2015.
- ^ "IPO: B2B Services Exchange Blur Group To List On LSE AIM". TechCrunch. 2 October 2012. Retrieved 3 December 2015.
- ^ "blur Group PLC listed on AIM". London Stock Exchange. Retrieved 28 November 2015.
- ^ "Blur struggles to contain its optimism as revenues surge". Financial Times. Retrieved 1 December 2015.
- ^ "British invasion: U.K.-based technology company blur Group opens U.S. headquarters in Dallas". Dallas News. 10 April 2013.
- ^ "blur Group PLC – Proposed placing to raise $20.0 million and Open Offer to raise up to approximately $2.0 million". N+1 Singer. Retrieved 1 December 2015.
- ^ "blur Group's exchange attracting larger projects with longer life-cycles". proactiveinvestors.com. 22 January 2014. Retrieved 1 December 2015.
- ^ "blur pulls in more consultancies to online market". Consultancy UK. 21 October 2015. Retrieved 4 December 2015.
- ^ "Silicon Valley veteran and blur Group CEO: 'If you're not being beaten up, you're probably not interesting'". Business Insider UK. Retrieved 28 November 2015.
- ^ Gartside, Juliette (15 May 2015). "Blur Group loses third finance chief in two years". Guardian. Retrieved 6 August 2018.
- ^ "Findings of the FRC in respect of the accounts of blur Group plc". frc.org.uk. Retrieved 28 November 2015.
- ^ "blur group makes restatements following FRC probe". AccountancyAge.com. 30 September 2015. Retrieved 28 November 2015.
- ^ Smith, Peter (3 July 2017). "Blur Group Shares Suspended – Why We Aren't Surprised". Spend Matters. Retrieved 6 August 2018.
- ^ Waller, Martin (24 June 2017). "Blur Group could be facing administration". Times. Retrieved 6 August 2018.
- ^ Walsh, Dominic (14 July 2017). "Blurred vision of solace at the boss's country retreat". Times. Retrieved 6 August 2018.
- ^ Lawson, Roger (1 August 2017). "Departures – AA and Blur". ShareSoc. Retrieved 6 August 2018.
- ^ Farrell, Stephen (3 August 2017). "NEW CEO TAKES THE HELM AT BLUR GROUP". Insider Media. Retrieved 7 August 2018.
- ^ Burgess, Kate (20 September 2017). "Blur's outlook still no clearer". Financial Times. Retrieved 6 August 2018.
- ^ Finch, Hannah (1 March 2018). "Exeter's blur Group rebranded as Maistro with a positive start for 2018". devonlive. Retrieved 27 July 2020.
- ^ "New name, new optimism at e-commerce specialist Maistro". Proactiveinvestors UK. Retrieved 23 July 2018.
- ^ Finch, Hannah (1 March 2018). "Exeter's blur Group rebranded as Maistro with a positive start for 2018". devonlive. Retrieved 23 July 2018.
- ^ "AIM Cancellation - Maistro Plc". ADVFN. Retrieved 20 August 2019.
- ^ "Lawrence Dallaglio on innovation in procurement and the key to a post-Covid bounceback". blog.maistro.com. Retrieved 16 June 2021.[unreliable source?]
- ^ "Maistro gains ISO27001 certification". blog.maistro.com. 4 November 2020. Retrieved 16 June 2021.[unreliable source?]