Metis Partners helps bring BongoMagic’s web-based ‘word-of-mouth’ technology to the market

Following intense interest in the social and referral marketing sector, the deadline for the sale of the intellectual property (IP) of Scottish technology pioneer Larosco has been extended by Metis Partners, which is bringing the assets to the market.

Metis Partners, the Glasgow-based, internationally operating intellectual property specialist, has had much interest in the firm, which went into liquidation after creating BongoMagic, which was effectively a web-based “word of mouth” system.

Acting on instruction from joint liquidators at Begbies Traynor (Central) LLP, Metis Partners is conducting an international marketing campaign and, to accommodate demand, has extended the sale until noon on January 22.

The sale reinforces Metis Partners’ expertise in the technology sector, which includes the successful marketing of the IP assets of Scottish avatar-based social network and game company RealTime Worlds.

Edinburgh-based Larosco’s core product was BongoMagic, an advanced and competitive marketing tool designed to turn one customer into many and to reach consumers by using other people’s networks of contacts and the associated recommendation of products and services.

Nat Baldwin, of Metis Partners, who is co-ordinating the global marketing drive for Larosco, said: “By analysing potential candidates’ and consumers’ behavioural and recommendation partners, BongoMagic identifies influencers and then uses these individuals to promote products or jobs to an extended and more receptive network of consumers and jobseekers.

“It will attract major interest from global interests in marketing, recruitment, retail, iGaming, software development and referral and recruitment software. To that end, we are providing more time to offer the greatest opportunity for potential buyers.”

Strong client relationships have been established with companies in the oil and gas and energy sectors such as Bibby Offshore, IV Offshore, and SSE as well as with iGaming companies based overseas. Other high-profile clients included Aberdeenshire Council, the Royal Highland Centre, Cupid and Montpeliers.

The company was backed by more than £1 million in funding received from investors including Scottish Enterprise, the Par Innovation Fund, SSF, the Scottish Co-Investment Fund and the Scottish Seed Fund.

Assets in the Larosco sale include the brand, unregistered trademarks, domain names, organisational knowledge and software source codes.

All offers should be submitted directly to Metis Partners by noon on Thursday, January 22, 2015.