Case study 01 / 03
15+ years
Continuous Leahy family involvement
£48.2m
Revenue (FY25)
£7m → ~£100m
Valuation at 2011 Series A vs current market cap
8.2%
Current Leahy family shareholding
Eagle Eye Solutions is a SaaS platform powering real-time loyalty, promotions and personalisation programmes for major retail, hospitality and travel brands. Customers include Tesco, ASDA, Carrefour, Woolworths Group, Mitchells & Butlers, ASOS, John Lewis Partnership and others. The platform processes over 850 million personalised offers each week and hosts more than 700 million loyalty wallets globally.
The Leahy family has been an investor and board member continuously since the Series A round in June 2011 — a tenure now exceeding 15 years, spanning the company's transition from start-up to a £48m revenue, ~£100m market capitalisation listed business.
In June 2011, Sir Terry Leahy led Eagle Eye's £1.5m Series A round. At the time of the investment Eagle Eye was an early-stage business with a small number of retail clients (Comet, Blockbuster, Aurora Fashions, Virgin Active) and revenue of under £2m. Terry joined the board as a non-executive director on completion of the round.
Three years later, in April 2014, the company listed on AIM, raising £6m at 164p per share and a market capitalisation of c.£33m on admission. The Leahy family retained its shareholding through and beyond the IPO.
15+ years of continuous board engagement. Terry has held the same non-executive director seat since the 2011 Series A — a tenure that spans the entire transition from sub-£2m revenue private company to publicly listed SaaS business with £48m of revenue. The Leahy family's shareholding has remained materially unchanged at ~8.2% throughout.
Direct access to senior retail and grocery decision-makers. Terry's network across UK, European and global grocery and retail — built over a 30-year career at Tesco, including 14 years as group CEO — was used from day one to make introductions at customer level. Eagle Eye's largest customer, Tesco, sits within Terry's most natural network; its long-time CMO Tim Mason joined as Eagle Eye CEO in 2016, having previously served as Tesco Deputy CEO (2010–12) under Terry and as the executive responsible for Clubcard.
Personal advice to successive CEOs and chairs. Terry has worked directly with both founding CEO Steve Rothwell (still adviser to the board) and current CEO Tim Mason, providing personal counsel on customer strategy, loyalty programme design and the application of data to grocery.
Patient capital through a public-market downcycle. The Leahy family has held its shareholding without material reduction through periods of severe drawdown — including the post-2021 SaaS sell-off, during which Eagle Eye's market cap fell from c.£170m at end-2024 to c.£87m at end-2025 before recovering. This is the type of holding period and behaviour that listed institutional shareholders are typically unable to match.
Eagle Eye is currently AIM-quoted under the ticker EYE. The business reported FY25 (year to 30 June 2025) Revenue of £48.2m and adjusted EBITDA of £12.2m. The current market capitalisation is approximately £100m, depending on the trading day.
Terry Leahy remains a non-executive director and 8.2% shareholder.
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