Crimson Tide (TIDE) , the company behind field service management software platform mpro5, announced several changes to its operating board.
The software developer said that Philip Meyers has joined its board as Chief Operating Officer, assuming responsibility for operational processes with a "wide-ranging remit to prepare the company for scalable growth domestically and internationally". Meyers will focus on growing mpro5 through a partner model, incorporating integration to software and IoT channels.
Ben Miller is also joining Crimson Tide as Chief Marketing Officer, bringing experience in digital marketing, having recently worked at Loop, a firm specialising in business performance management software. Before Loop, Miller helped digitise the business of Glass's Information Services as Head of Marketing.
Barrie Whipp, Chairman, commented: "We are very pleased to have secured the services of Ben and Phil, who I am sure will contribute hugely to the next stage of our growth story. These additions complete our Operating Board, and I am excited to see the results of their efforts."
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A positive announcement from Crimson Tide as it continues to grow mpro5. Both new additions to the company's operating board have significant experience in digital sales and marketing. Markets welcomed the board changes, driving TIDE shares 3.6% higher in early trading.
Philip Meyers joins Crimson Tide as COO after being General Manager of HiSky Limited, a company that provides space telecoms technology, which followed five years at Inmarsat where he was Vice President of Technology after roles in sales and marketing. Meyers has placed a strong emphasis on Internet of Things (IoT) technologies and routes to market, which is crucial for mpro5's continued growth.
mpro5 continues to make strides after winning a 3-year £500k contract with the NHS earlier in the summer where its IoT features were a key differentiator as the app is capable of sensor-driven actions. Crimson Tide also recently renewed 4 long-term contracts with a combined worth of £650k of secured contracted revenue, providing good long-term visibility.
The company has shown strong momentum in 2023. Besides the NHS contract and abovementioned 4 renewals, it won its first US contract in January 2023 worth £250k, underpinning TIDE's long-term goal of expansion into North America.
Earlier in the year, Crimson announced a 30% uplift in revenues to £5.4m in a preliminary FY22 update. Year-end cash stood at £3.6m and annual recurring revenue was £5.8m, compared to £3.8m in FY21. Churn remained below 5% and gross margin was maintained at 84%.
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