Blur Group surges afters talks with electronics company

Shares in Blur Group rocketed on Tuesday morning as the spend management platform announced it has entered into final talks with an electronics company for a potential multi-million dollar roll out programme across three regions.

Negotiations are expected to conclude in the next few weeks and, if the AIM-listed company is successful, it could lead to a multi-year, multi-million dollar roll out of its cloud software and managed services.

Blur said they have worked with the electronics company for a over a year to tailor a programme that uses Blur’s indirect spend platform in the company’s business processes.

Blur chief executive Philip Letts said: "We are delighted to be in negotiations with this major global brand as it seeks to reduce its indirect spend and recognises the combined benefits of Blur's cloud software and managed services.

"We are committed to delivering a successful programme for this client and to deepening our partnership with them in the long term."

Blur finance chief Tim Allen told Digital Look that the next step would be the signing of the on-boarding agreement, which typically runs between three to six months, followed by a progress update on the deal.

The company is also negotiating a deal with a global sports brands, which is "slightly further back down the pipeline" Allen said, as Blur has "a little bit more work to do".

Shares in Blur Group were up 99.27% to 13.70p at 0925 GMT.