Blipfoto Ltd on behalf of FRP Advisory
Blipfoto is an online daily photo journal and social networking service that allows people to share their pictures. The website’s users (or “Blippers” as they are also known) are allowed to upload just one photo per day, each representing one day in a Blipper’s life.
Blipfoto has grown considerably since its creation in 2004. It originally began with fifteen users and has attained over 2.4 million unique visitors per year in more than 175 countries, and hosts more than five million images. These images are downloaded every day by the British Library due to their unique historical significance in tracking the lives of many individuals. Blipfoto has won a BAFTA, and it has been voted the best Scottish website by The List.
Metis Partners had been asked by Tom MacLennan of FRP Advisory LLP, provisional Liquidator of Blipfoto Ltd, to conduct an Information Discovery Exercise, and after discussions with the insolvency practitioner, proceeded directly to a sales exercise to maximise the return from the intellectual property assets linked to Blipfoto.
Metis Partners carried out intensive desk-based research to identify, assess, and highlight the value of the IP assets linked to Blipfoto’s brand, including the preparation of a trade mark schedule, as well as conducting extensive research with company management. Metis Partners then began preparations to produce a sales pack, as well as conducting initial discussions with interested parties. Through liaising with media organisations, Metis Partners was able to gain broad international press coverage including coverage from BBC News UK, the Daily Record, Yahoo India, Yahoo Singapore, Yahoo New Zealand and CNBC US amongst many others.
Metis Partners identified IP assets which included much goodwill in the brand, a registered trade mark and a number of unregistered trade marks, as well as 13 domain names, source code, and a website with over 2.4 million unique visitors. Metis Partners brokered a deal with the shareholders of Polaroid who had previously licensed use of the brand to Blipfoto, and created competitive tension throughout the process. Metis Partners successfully negotiated to support the continuation and growth of an innovative Scottish start-up as well as generated the maximum return for Blipfoto’s creditors.
Photo credit: Courtney Carmody