Investment Case
Eagle Eye: we're the personalization people
The only platform combining loyalty and promotions management, AI-powered personalization, and real-time execution at enterprise scale, addressing an £3.3bn ARR opportunity.
The future of loyalty is here.
So are we.
Loyalty has evolved from being a marketing program to becoming a strategic growth engine. As retailers race to use AI and deliver on the long-held promise of personalization, demand for the valuable first-party data generated by loyalty programs is growing. As a result, demand for enterprise-scale loyalty platforms is accelerating rapidly.
This represents an exciting opportunity for Eagle Eye. We sit at the intersection of these trends, helping the world's leading retailers turn customer data into personalized engagement and measurable commercial outcomes.
The only platform built by
retailers, for retailers.
Eagle Eye is the operating system for enterprise loyalty. We are the only platform that combines market-leading loyalty management with built-for-retail AI and real-time execution in a single solution, enabling enterprise businesses to deliver truly personalized engagement to millions of customers wherever they are, in the blink of an eye.
Our loyalty platform captures the first-party data retailers need, our AI determines the next best action for every customer, and AIR executes those decisions in real time across every customer channel. This enables retailers to move from slow, manually intensive campaign processes to dynamic, AI-powered personalization that can be created, deployed, and optimized in minutes rather than weeks.
Eagle Eye is deeply integrated with retailers' POS and digital ecosystems, creating long-term strategic customer relationships and exceptional customer retention. For over a decade, we have been building AI solutions and executing at global scale. Our platform executes over 1.7bn personalized offers per week.
Critically, Eagle Eye is led by the people who helped shape the loyalty industry. CEO Tim Mason, former CMO and Deputy CEO of Tesco UK, was the architect of Tesco Clubcard, the program widely credited with transforming modern grocery loyalty. Sir Terry Leahy, who led Tesco to become one of the world’s largest retailers, has been a significant investor and board member since our listing.
Together, our leadership brings hundreds of years of retail and loyalty experience. Eagle Eye is built for retailers, by retailers.
Trusted and proven globally.
Many of the world's largest retailers, grocers, QSR operators, and travel brands rely on Eagle Eye to power customer engagement, collectively representing over $750bn in global annual sales.
They trust Eagle Eye to deliver the security, scalability, speed, and stability needed to run loyalty and personalization at enterprise scale. Our personalization solutions deliver a proven 7:1 return on investment, while deep integration into customers' POS and digital ecosystems creates long-term relationships and significant barriers to entry.
Our customer base also represents a substantial growth opportunity. Broader platform adoption and new use cases provide a path to double current revenue, while 113% net revenue retention across our top 10 customers in FY26 demonstrates the value we deliver and our ability to grow within existing accounts.
Three growth engines,
all accelerating.
- Direct Sales: We are gaining momentum through investing in direct sales, particularly in North America, the world's largest loyalty market, which, if we sold to our entire SAM, represents an opportunity of £1.4bn ARR opportunity.
- Global OEM: Our strategic OEM agreement embeds Eagle Eye within one of the world's largest enterprise software platforms, opening new sectors and geographies.
- Product Innovation: Continued investment in AI and product innovation is increasing customer value, creating new use cases, and expanding our addressable market.
Together, these growth engines provide multiple pathways to significant future growth.
A clear path to £100m and beyond.
Eagle Eye combines strong recurring revenue, increasing operating leverage, and a healthy balance sheet. As our SaaS mix and revenues grow, we see significant potential for margin expansion, giving us the flexibility to invest in product innovation, AI, and commercial growth while remaining alert to earnings-enhancing acquisitions.
This provides a clear path to our medium-term ambition of more than £100m revenue and +30% adjusted EBITDA margin.