Proactive Investors video: Bango PLC’s Ray Anderson details expanded strategic partnership with NHN Corp

Ray Anderson speaks to Proactive London’s Andrew Scott about the expansion of Bango’s global data partnership with South Korean big data business, NHN Corp.

NHN will invest £6.5M into the Audiens data platform, owned by Bango’s subsidiary Bango Deep, giving NHN a 60% stake. In addition to the Bango Deep investment, NHN has also agreed to subscribe for around 3.5M new shares in Bango itself, for £3.2M.

This is one of the two deals referred to in Bango’s trading update issued at the end of December 2019.

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PERL note: “Supercharging customer data with an expanded Audiens”

Download the latest Progressive Equity Research note, covering the expansion of Bango’s strategic relationship with NHN Corp, the Korean big data giant.

“We believe the deal validates Bango’s investment in Audiens and represents a significant vote of confidence in both the data monetization business and in Bango itself, by a highly successful commerce leader.” Progressive Research

All forecasts contained within represent the views of Progressive Research, not of Bango or other analysts covering Bango.

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An inside view on the Bango and NHN Corp global data partnership announcement

Today, the Bango Circle grew larger. NHN, a big data business based in technology hot-bed South Korea, expanded its partnership with Bango and became an investor. Through the agreement announced today – which includes significant new funding into our Audiens Customer Data Platform (CDP) business – NHN has closely aligned itself with the Bango vision to become the technology behind every payment choice.

It started with a straightforward commercial deal between NHN and Bango last year, which exposed Bango to some very talented data scientists. NHN was processing both off-line and on-line payment data and had developed some powerful tools and AI based systems to extract deep insights from that data. They were boosting the performance of some very large Korean businesses.

Having started to expand to the USA and Japan, they were carefully evaluating their options for relevant technologies and broader global reach, especially into Europe. With great chemistry between our respective leaderships – and the mutual interest in using technology to revolutionize commerce – it did not take long for us to start formulating plans to work together more closely.

That planning process has led to this new, strategic agreement, which has significant benefits for our customers, partners, investors and employees.

  1. Putting meaningful data in the hands of online businesses. The Audiens CDP gives marketers a powerful and easy way to organize and action the data they need to get the right offers in front of the right customers. The deep data science developed by NHN makes commerce data more informative and more valuable.
  2. The expanded business has the capabilities to become a global leader in data technology. It has state-of-the-art technology; excellent engineering; a world-class team based in Milan and Cambridge, backed by technical expertise in Seoul; and a superb, market-leading product in the Audiens CDP.
  3. Audiens plus NHN will meet the challenge of turning increasingly huge data sets into precise and relevant marketing actions that grow revenues while meeting consumer demand for privacy and consent.
  4. The focus on “commerce led marketing” benefits consumers, who will see online advertising focused on the products and services they are more likely to be interested in buying.
  5. The partnership leverages the position of NHN as one of the leaders in data science outside of the powerhouses of Facebook, Google and Amazon.

This is a great deal for Bango as well. We have close engagement with NHN Group, with highly aligned interests in mobile commerce, payment processing and marketing optimization for app developers and merchants. Bango acquired Audiens, which was being nurtured inside an Italian digital agency, two years ago because it was the best Customer Data Platform we had evaluated. The acquisition enabled us to accelerate Bango Marketplace by 12 months, providing marketable payment audiences that boost app developer revenues. Since the acquisition, the growth of the Audiens business alongside our core business has beaten our forecasts, and Audiens has been able to partner with more digital agencies.

Now we hold a significant stake in an enlarged, well capitalized business that has the ingredients for global success. It has an excellent management team that can drive it to succeed. At the same time, the Bango team, which has already delivered tremendous growth, can continue to focus on driving the payments and Bango Marketplace business forwards. Between Bango and the Audiens CDP business there will continue to be significant alignment and opportunities for cross-fertilization. Data, as they say, is the new oil.

Strategic partnerships that grow out of commercial relationships are particularly gratifying. They signal both the success of the commercial relationship and the recognition of common thinking, joined-up ways of working and shared ambitions. I am very excited about this partnership, it is one of the most significant milestones in the history of Bango. At a time when so many of us are having to work behind closed doors, this partnership opens-up new horizons, new possibilities and great confidence about the future.

Ray Anderson, Executive Chair at Bango

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Announcement: Bango and NHN Corp expand global data partnership

  • South Korea’s NHN Corp makes strategic investment in Bango
  • Additional £6.5M funding for Audiens to extend Customer Data Platform leadership

Bango announces it has expanded its strategic partnership with South Korean big data business NHN Corp (“NHN”). NHN will invest £6.5M into the Audiens data platform business through an investment into Bango Deep Limited (“Bango Deep”), the Bango subsidiary that owns Audiens. In addition, NHN is injecting its data science know-how and technology to accelerate the Audiens data platform business. Following this investment, NHN will own 60% of Bango Deep with Bango holding 40%.

Read full announcement here

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Announcement: Sun Mobile and Bango light-up carrier billing for Google Play store

Bango and Sun Mobile, the Hong Kong Mobile Virtual Network Operator (MVNO), announce the launch of carrier billing in the Google Play store. Sun Mobile customers can now purchase from the wealth of content and services in Google Play, charging the cost to their mobile phone bill.

Read full announcement here

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PERL note: “FY 19 in-line, upbeat outlook in challenging times”

Download the latest Progressive Equity Research note, ‘FY 19 in-line, upbeat outlook in challenging times’.

“We contend that the services offered by Bango – particularly payments for digital content – are likely to experience increased demand in times of population lock- down. The announcement confirms that Bango has no supply chain dependencies and c98% of customer contact is remote. With strong operational momentum being reported across the business (see above), and incremental growth opportunities in retail sales, bundling and digital wallets, management has reiterated their expectation for ongoing exponential growth in EUS.” – Progressive Research

All forecasts contained within represent the views of Progressive Research, not of Bango or other analysts covering Bango.

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2019 Final Results video

Following today’s 2019 Financial Results announcement, watch Bango CFO, Carolyn Rand and CEO Paul Larbey talk through the highlights, including the drivers of exponential growth and expected continued doubling of EUS.

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Announcement: Final Results

Bango today announces its Final Results for the year ended 31 December 2019.

Read RNS announcement

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2019 Annual Report and Notice of AGM

Click here to download the Bango Annual Report 2019, click here for the Notice of Annual General Meeting (AGM), here for the associated form of proxy and here for the explanatory notes.

The Bango AGM will be held at 2pm on Friday, 22 May 2020 at the offices of Bango, 5 Westbrook Centre, Cambridge, CB4 1YG.

At the AGM the Directors are proposing the adoption of a new set of Articles of Association. Click here for a copy of those proposed new Articles.

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Bango Strategy Day 2020

Watch the highlights from the Bango Strategy Day 2020 held in London, UK on 28 January, 2020.

View the Bango Strategy Day 2020 presentation here.

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