NEW ORLEANS, Aug. 19, 2015 /PRNewswire/ -- The company formerly known as Federated Sample announced today that it has rebranded as Lucid. The new brand reflects the company's explosive growth, with its two primary business units doubling in scale and revenue year over year.
"We've taken the leadership position in market research sample and changed the way an entire industry operates; we wanted our brand to reflect where we are now and where we're headed," said Lucid CEO Patrick B. Comer.
Lucid is a software company delivering the power of human answers on a massive scale. More than 5 billion questions have been asked and answered on Lucid's global platform, Fulcrum. Human data on this scale gives clients the unprecedented ability to solve research problems with software, quickly and transparently. Lucid started with ten employees in 2010; the company now employs more than 80 people and will complete more than $100 million of sample transactions in 2015.
"Our products clarify business issues and processes that have been obscured. We make the unknown known with "lucid moments" of insights, whether those are insights into a programmatic marketplace of research sample or into the human beings surveyed by research. 'Lucid' is the perfect name to summarize what we do," said Brett Schnittlich, Lucid's Chief Technology Officer and Executive Vice President.
Last summer, Lucid reorganized its business units, Fulcrum (software as a service) and Federated Sample (managed services), and they will continue to operate discretely under the Lucid brand umbrella. By focusing on them separately, each having its own sales force and strategy, Lucid will continue to evolve and change to maximize the company's full potential and serve its clients at the highest level.
Lucid was founded in 2010 as Federated Sample, disrupting how a deeply entrenched industry operated. Before this, if a company wanted to conduct research, they would have had to acquire sample (the people who participate in questionnaires) from a number of sources. The process was inefficient, completed almost entirely manually, and very slow. Lucid created Fulcrum, the first online programmatic exchange for sample in the market research industry. The revolution created in this business by Fulcrum is comparable to the advent of ad exchanges and programmatic buying in the advertising industry.
"The Lucid brand signifies our desire to engage with and broadly support our clients by building even greater value for them across our products and services," said Andy Ellis, President of the Federated Sample and Fulcrum business units, which function separately under the Lucid brand.
Federated Sample is a top-tier project management service providing market research sample, which relies on Fulcrum, the software built by Lucid that powers the global exchange for sample, and leverages a team of expert product managers to deliver client results. Federated Sample doubled in size from July 2014 to July 2015 and grew its active client base by more than 60% year over year.
Fulcrum, a software as a service (SaaS) tool, can be licensed by clients, allowing them to purchase and sell market research sample directly. Fulcrum is fast, flexible, cost-efficient, and transparent, giving clients access to the highest-quality, broadest sample in the world. Fulcrum has grown revenue more than 100% year over year two out of the last three fiscal years. Fulcrum revenue has grown more than 100% month over month for four of the past five months.
Beyond fundamentally changing the market research industry, Lucid is also at the head of an entrepreneurial and technology renaissance happening in New Orleans and is an active corporate participant in the life, culture, and growth of the city.
The rebranding and renaming was done by creative directors Elizabeth Brooks, as acting marketing lead for Lucid, and Kyle Mortensen, with new visual language and website by Mortensen's creative agency, New Science.
Lucid is a software company delivering the power of human answers on a massive scale. We built Fulcrum, the first global exchange for market research sample (people who answer questions) and introduced programmatic buying and selling to the market research industry. We also created Federated Sample, a full-service sample provider that, using our proprietary technology, empowers our clients to do world-class market research. Over five billion questions have been asked and answered on our global platform. Human data on this scale gives us an amazing opportunity to solve problems with software.
We were founded and are based in New Orleans, Louisiana. We're moving fast, and growing fast. Both of our business units have doubled in the past year, and in the fall of 2015 we will open our second office, in London, reflecting our truly global business.
Lucid was founded in 2010 as Federated Sample, LLC; the parent company was renamed in 2015, keeping the Federated Sample and Fulcrum business units as thriving brands. The name Lucid reinforces our commitment to creating clarity through the power of massive data.
More at luc.id.