Move designed to increase resources, bandwidth and capability available to 3radical to pursue rapidly accelerating demand for first party data by marketers in the post privacy world
BRISTOL, England, July 7, 2023 /PRNewswire/ -- 3radical, the developer of the audience engagement and first party data acquisition platform Voco, today announces that it has entered non-binding heads of terms, subject to due diligence and appropriate approvals, to enter into a Reverse Takeover with Electric Guitar plc (ELEG.L) a listed Special Purpose Acquisition Company that it is proposed will move from the Standard List to the AIM market of the London Stock Exchange as part of the transaction.
Electric Guitar plc was formed in 2021 by industry experts to acquire world-class data and technology businesses to create a global company that is a leader in the People First era.
The reverse takeover by 3radical will be the first transaction to be undertaken by Electric Guitar and will underpin the accelerated roll out of 3radical's platform and provide the opportunity to further broaden the capabilities of the business.
Marketers have an increasingly urgent imperative to respond to the changing attitudes of consumers to data privacy, as well as to escalating levels of expectation about the quality and nature of a customer experience. This requires marketers to earn and effectively use first party data - an area expected by 3radical to see very substantial growth. The vision of 3radical is to serve marketers needs as they make this shift and to develop an organisation that is the de facto global source for marketers looking to meet this need.
Research conducted by Winterberry Group has identified that the Identity and Data Services Market was worth $47.1bn in 2023 and is expected to grow to $64.5bn in 2026.
David Eldridge, Chairman of 3radical commented "We are seeing a fundamental shift in how marketers acquire and use data, responding to customer attitudes toward data privacy. 3radical has been a pioneer in understanding the value exchange required between a brand and its customers to create first party data sources that can power an enhanced customer experience and remove fears about data privacy. Electric Guitar is a group of likeminded industry experts, creating a business with the resources to scale swiftly and to capitalise on this disruption. We are excited by the prospect of joining forces with Electric Guitar on our journey to create a global business that delivers the technology and capabilities that marketers require to power customer experiences in the post privacy world."
About 3radical
3radical is a consumer data acquisition and audience engagement solutions provider. We help organisations listen to their consumers and adapt experiences accordingly by giving them the ability to earn consented data directly from their audience. Critically, this fosters humanised interactions through choice-driven journeys provided by 3radical's gamification software. We use game science and comprehensive strategic services to shape and support the customer experience by creating a fair value exchange delivered directly to each recipient and optimised by data and real-time decisioning. Every progressive exchange results in consented, Earned Data provided by the consumer in a transparent, motivating, and mutually beneficial environment enticing consumers to want to share and engage more. 3radical operates globally through offices in North America, the UK and Asia Pac and serves major brands across a broad range of industries.
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