Amino becomes Aferian
June 21, 2021
TV technology specialist Amino Technologies plc is changing its company name alongside the commencement of a process to select a new Non-Executive Chairman for the Group.
In February 2021, the Group launched a new strategy to become a software-driven growth business. This new strategy, they explained, “capitalises on the increasing consumer expectation that we should all be able to connect to the TV and video we love on any device, at any time, wherever we may be”.
The Group’s Next Generation technology platforms make this modern TV experience possible, by providing pay-TV operators, broadcasters and media owners with smart, cost-effective ways to deliver it.
By 2025, this strategy aims to triple Group revenues and increase the percentage of Group software revenues that are recurring to 70 per cent. Early success has already been achieved, including delivering year-on-year double-digit growth in Annual Recurring Revenue in the first half of the current financial year.
As momentum continues to build, it is the Board’s view that a new name would better reflect the true scale, breadth and potential of the Group’s operations and market positioning. As a result, Amino Technologies plc will be renamed ‘Aferian plc’. The Group’s two go-to-market brands, 24i and Amino Communications, will continue to operate under their respective names.
Concurrent with the change of name, the Group’s website has changed to www.aferian.com. The Group’s TIDM code will change from ‘AMO’ to ‘AFRN’ from June 22nd 2021. The ISIN and SEDOL connected to the Company’s shares will remain unchanged.
After more than five years on the Group’s Board of Directors, Karen Bach has notified the Board of her intention to step down as Non-Executive Chairman. Bach has made a significant contribution to the Group during her tenure, including leading the Board as it developed the Group’s 2025 strategy, which is already delivering meaningful improvements in revenue quality and growth. Bach will continue to serve in the role until a successor has been appointed and a search process to find that successor will commence shortly.
“On behalf of the Board I would like to thank Karen for her service and support,” stated Donald McGarva, Chief Executive Officer. We have all benefited from her energy and perspective and will continue to do so, whilst the process to appoint her successor takes place.”
“Our 2025 strategy is already opening up an exciting future for our business – one that builds on our Amino heritage to take us into many new additional areas for growth. As our opportunity and business both evolve, it is right that our name changes to reflect who we are and where we are headed. Aferian provides us with a new name that gives us the chance to more clearly articulate the stronger position we are in today – and the much larger opportunity on which our great team is now capitalising,” he concluded.