Lumi Technologies (now Meetoo) completes sale of  a majority stake in Lumi AGM

Mark Beilby

Lumi Technologies (now Meetoo) completes sale of a majority stake in Lumi AGM

On April 4th 2017, Lumi Technologies completed the sale of  a majority stake in its operating subsidiary Lumi AGM to the Private Equity Group Vespa Capital.

A majority stake in the Lumi AGM business has been acquired by the leading Private Equity Group Vespa Capital (http://www.vespacapital.com) from Lumi Technologies.

Lumi Technologies has consistently derived more than 95% of revenues from an innovative patented software-based product set developed in house and conditioned by evolving client requirements. The divestment of a majority stake in the AGM business to Vespa reflects the fact that these products are at different stages of the development cycle. The divested AGM Mobile business is already the established market leader and is refashioning the manner in which shareholder meetings are conducted as many listed companies no longer find it feasible to expect their shareholders and institutional investors to travel across the globe to attend an AGM. Electronic meetings in a number of different formats are starting to take place in the various countries in which Lumi operates, now that reliable and secure mobile technology is available in addition to the tried and trusted AGM registration and polling software. This business will continue to operate under the established Lumi brand.

The remaining Lumi Technologies will henceforth be renamed Meetoo, the name of the core product on which it will now focus. Powered by unique and patent-protected technology and downloadable onto any smartphone or accessible via the web, Meetoo is a simple, intuitive platform with the potential to transform lectures, training sessions and business meetings into compelling interactive events. It enables lecturers and training managers to create live polls in seconds, the audience to vote immediately and then watch the results arrive in real-time. This means lecturers, trainers and teachers can test students’ understanding, enabling them to focus their time on topics which need more attention. Respondents can answer anonymously, if wished – to enable more inclusive involvement and more accurate insight into understanding and views. Question and answer sessions can also be pushed out to the floor and audiences can share ideas, add ‘likes’ and give feedback – all overseen by the presenter or a moderator who can manage the proceedings. Statistics and feedback can be captured after the event for future reference.

Meetoo retains a minority interest in Lumi AGM and is entitled to a Board seat. In addition, a service agreement has been formalised between Lumi AGM and Meetoo to underpin the future development of the Lumi AGM Mobile product. While the separation is now definitive, the two companies remain linked and will continue to support each other.

Vespa's investment in the Lumi AGM business is a significant funding event for Meetoo which will continue to invest to enable it to fulfil its immense potential to transform classroom, lecture theatre and multi-location meetings by empowering and energising participants. It emerges from the divestment of the Lumi AGM business with the focus, team and financial resources in place to transform potential to tangible success.