Market research firm Federated Sample announced Wednesday (Aug. 19) it has rebranded as Lucid, a move that symbolizes the five-year-old New Orleans company’s evolution from a promising startup to a high-growth business with global ambitions.
Founded as Federated Sample in 2010, Lucid offers marketing and advertising firms easy access to large pools of survey takers. It has grown from 10 employees to 80 and expects to complete more than $100 million of sample transactions this year, making it one of the most profitable tech companies in the city.
“We’ve established ourselves at the forefront of changing the way an entire industry operates, and we wanted our brand to reflect where we are now and where we’re headed,” Lucid CEO Patrick Comer said in a news release.
Coinciding with its new brand identity, Lucid will be opening its second office in London in October to meet the robust demand for sample providers in the United Kingdom, Comer said.
The company’s local footprint is also growing. Construction on another 3,000 square feet of space at its headquarters in the Central Business District is currently underway.
To fill that space, Lucid anticipates hiring around 35 new employees in 2016, the same number it added this year, Comer said. Around 30 percent of its current staff is local and around 40 percent have spouses or family from the New Orleans area, he said, adding that many others were recruited from technology industry hubs such as San Francisco and New York.
Lucid functions through a global exchange platform called Fulcrum, which Comer hired a software developer to build shortly after launching the company. Fulcrum has grown revenue more than 100 percent two out of the past three fiscal years, according to a news release.
Federated Sample, meanwhile, has doubled in size since July 2014 and grown its client base more than 60 percent year over year, the release said. Fulcrum and Federated Sample will continue to operate as distinct business units under the new Lucid brand.
In addition to recruiting tech talent from other states, Lucid has been cultivating it in New Orleans. It is among the sponsors of Operation Spark, a local startup that teaches young adults how to write code and that recently partnered with Hack Reactor, a prominent coding school in San Francisco.
“Our mission was not just to build this business, but to help the whole tech community continue to prosper and grow,” Comer said.