Organizations can use the Maistro platform for spot purchasing or as a company-wide sourcing and delivery system. Organizations buying services through Maistro, submit project briefs to the Marketplace. All service providers in the Marketplace are vetted by Maistro before being given access to project briefs, and approved service providers respond with a proposal that outlines how they can best meet the project requirements. The pitch process is blind: service providers do not know who the client is and must pitch solely on information available in the brief. Once the pitch deadline has passed, the blur team reviews the pitches and presents the top three providers to the client. The client then selects the winning candidate and the project begins. Maistro manages the client/provider relationship for the duration of the project; all communications and invoicing is completed through Maistro's cloud-based workspace.
History
The company was founded as Blur Group PLC in 2007 and was based in Exeter Science Park, Exeter, in the UK. Its early service offerings included a b2b exchange, b-uncut.net, focused initially on the media and creative industries. Under the leadership of CEO Philip Letts, an investment round in Q4 2011 attracted investment from Archie Norman, among others. In 2012, the company claimed its 1,200th project, and went public on the London Stock ExchangeAlternative Investment Market in October 2012. In 2013, Blur raised $11.5m in a secondary round of financing and opened an office in Dallas, Texas, followed by raising a further $22m in May 2014. Also in 2014, it claimed the third iteration of its platform was being adopted faster than anticipated. In 2015, it claimed it had 65,000 service providers.
In 2014, Blur Group's stock price fell due to concerns regarding how revenue was reported. This came to light after a profit warning was released, indicating that multiple projects valued at over $100,000 were delayed until the next quarter, resulting in an 80% plunge in stock prices over previous year. Blur issued four profit warnings between January 2014 and May 2015, and had to replace three CFOs in two years. An investigation led by the Financial Reporting Council was initiated to determine if Blur Group was the principal or agent with regards to the outsourcing services provided. The investigation concluded in September 2015, with the FRC welcoming the actions taken by the Blur Group directors, which included making a prior year restatement to reduce reported revenues and increase loss before taxes, as well as clarify the organisation's revenue recognition accounting policy. Further financial reporting problems led to the company's shares being suspended in June 2017, and reports that Blur could go into administration.
Leadership changes
In July 2017, the company replaced its entire board. After Letts left the company on 1 August 2017, Laurence Cook, appointed as chief commercial officer in November 2016, became Blur Group CEO, and new chairman David Rowe slashed costs and raised £1.5 million to try to steady the company. The company moved its UK office to Pynes Hill in Exeter in late 2017.
In January 2018, Blur Group PLC changed its name to Maistro PLC. On 28 June 2019, at the request of the company, Maistro PLC Ordinary Shares were cancelled from trading on AIM and the company became a private limited company.
