Admission Document - BrainJuicer

created which enables the rapid deployment of complex, multi-media surveys with automated diagnostic
gathering in any written language.
BrainJuicer conducted trials in 2001 and won its first significant client in 2002. BrainJuicer evaluated the
first ‘Run London’ event for a leading multinational sportswear manufacturer. During the remainder of 2002,
BrainJuicer added a number of clients to the roster, including two of the top 50 companies in the world and
a large UK based food manufacturer.
In the year ended 31 December 2002, BrainJuicer had a turnover of £237,000 and was close to break-even
and looking for investment to grow the business. In January 2003, Unilever Ventures advised Unilever UK
Holdings (a member of the Unilever group of companies) on its investment of £550,000 in BrainJuicer for
an equity stake of approximately 40 per cent. In 2003 BrainJuicer increased its revenues more than four-fold
to £1,032,000. The Group made an expected loss of £303,000 after staff recruitment and software
development. In 2004 the Group more than doubled revenues to £2,614,000 and BrainJuicer was recognised
for its research platform and its approach to clients by winning awards, including:
• ‘Most Effective Use of IT in Professional Services’and the overall prize for ‘Most Innovative Use of
IT’ at the 2004 Effective IT Awards; and
• ‘Service Business of the Year’at the 2004 StartUps Awards.
After securing two significant multinational clients in The Netherlands, BrainJuicer set up its first overseas
sales office in Rotterdam in January 2005. The Dutch revenues in the first full year were £426,000 or 14.5
per cent. of the Group’s total turnover of £2,936,000. Later in 2005, BrainJuicer opened a New York office
which has worked with five of the world’s top 50 companies and with the addition of a leading advertising
agency the New York office counts major US companies as clients in the US. At the end of the year, the
Group won further recognition for its innovative products by winning a ‘Best Methodological Paper’ award
from the worldwide market research industry body ESOMAR.
In 2006, BrainJuicer’s Insights Optimizer was selected by a large multinational client to be its mandated
methodology for testing all Consumer Insights worldwide.
The business
Client base and revenue profile
BrainJuicer has four offices, two in the UK, and one in each of the Netherlands and the US. The Group has
generated revenues from over 300 projects for over 80 clients during the current calander year. Some clients
have purely domestic requirements, whilst others want to carry out research across many countries.
BrainJuicer has the capability to meet the needs of both types of client.
A research study comprises two main components: the audience or sample being questioned and the research
approach to asking, capturing, analysing and providing the answers. The majority of BrainJuicer’s gross
profits come from providing the research answers but the Group earns additional gross profits on projects
conducted in the UK when it is able to provide the required sample from its Juicy Brains Panel of around
33,000 people. In the six months to 30 June 2006 this panel has contributed approximately 8 per cent. of
gross profits of the Group for the period.
Market research
Organisations commission market research to understand consumers and specifically how these consumers
think, feel and behave in relation to existing or planned products, services and brand communications. In
providing research services, BrainJuicer advises clients on:
• the most appropriate research method to meet the client’s research objectives;
• the number of respondents required to provide an appropriate level of statistical robustness in the
answers;
• how the respondent sample should be structured in terms of profile and quotas;
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