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Why we sold IML Interactive…

“On Wednesday January 18th Lumi sold its UK Meetings and Events business, IML Interactive UK, to Crystal Interactive.”

This transaction created the largest event technology company in the UK. Crystal Interactive has pioneered delegate engagement via text based interaction while, over the course of 25 years, IML has become the global market leader in real-time audience engagement technology. The combined company of 35 people will be called Crystal Interactive Meetings and will continue to operate from its two existing locations in London and Hampshire. Its product and service range will span dry hire and the full service delivery of sophisticated voting keypads, through the provision both of event apps on own device and interactive apps on iPads to event consultancy. 

This acquisition comes as part of a wider reorganisation of the Lumi business.

“A measure designed to enable the company to focus on its market-leading AGM solutions, notably the transformational Lumi AGM Mobile product;”

And on Meetoo, the real-time messaging and polling app, which has made significant inroads in both the Education and Enterprise markets, since full commercial launch in early 2016. Lumi (and IML) have consistently derived more than 90% of revenues from an innovative patented software-based product set developed in house and conditioned by evolving client requirements. Inevitably, these products are at different stages of the development cycle. The IML event product suite is already fully evolved and demonstrably best in class. The AGM Mobile product is refashioning the manner in which Shareholder meetings are conducted as many listed companies no longer find it feasible to expect their shareholders and institutional investors to travel across the globe to attend an AGM. Electronic meetings will be held with increasing regularity now reliable and secure mobile technology is available, but this process of inexorable change is at an early stage.

“Meetoo requires significant continuing investment to enable it to fulfil its immense potential to transform classroom, lecture theatre and multi-location meetings by empowering and energising participants.”

The reorganisation of Lumi reflects the relative stages of evolution of its product set.

We at Lumi have complete confidence that this transaction will benefit employees, customers and shareholders alike. Although Crystal Interactive Meetings was, de facto, a competitor, a strong relationship, built on mutual respect had arisen over the years. This will help ensure that the transition runs smoothly. Crystal Interactive Meetings becomes a key partner for Lumi, and we look forward to working closely together in the future.

Mark Beilby