LoopUp opens offices in Chicago, Dallas, Los Angeles, Atlanta and Madrid
Office openings don’t normally set our world on fire but as a litmus test of growth it’s interesting to note that London headquartered audio conferencing provider LoopUp has opened five new offices in Chicago, Dallas, Los Angeles, Atlanta and Madrid.
The new offices are part of a multi-year expansion strategy and the AIM-listed company’s plan is to expand its distribution into the legal technology market. In January LoopUp signed a “material contract renewal” with Clifford Chance. The minimum total contract value is £2.34m over a three-year term. LoopUp will be providing conference calls across Clifford Chance’s global operations, spanning 32 major financial centres in the Americas, Asia Pacific, Europe, the Middle East and Africa.
While the LoopUp product is typically offered on a pay-as-you-go basis, the deal with Clifford Chance is based on a guaranteed minimum spend. It is a major win for the company whose total revenue in 2017 was £17.5m.
Of the new office openings Steve Flavell, LoopUp’s co-CEO, commented “These cities are sensible locations as we increase our US and European footprint as they have a high concentration of professional services firms and multinationals. We’re committed to providing services to our global customers by delivering account management and customer support locally wherever we can.”
To staff these new offices, LoopUp recruited 14 new sales executives and 30 new junior business development associates. Sales executives will work in ‘pods’: each pod has six people who as a team are incentivised solely on new revenue growth.