Smartphone security software provider Defenx will finally launch on London Stock Exchange's AIM market tomorrow after £2.1m fundraising last week

Madeline Ratcliffe
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Defenx is part of the growing mobile security market (Source: Defenx)

Defenx, the smartphone security software business, is finally set to launch on the London Stock Exchange's junior AIM market after delays this week pushed back its admission.

The company raised £2.1m in a new share placing at the end of last week. The 1.4m ordinary shares were priced at 148p, meaning Defenx has 6.1m shares issued and a market capitalisation of £9m.

The business, which was started in 2009, reported revenues were up 86 per cent in the nine months to the end of September.

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The company said in a statement: "The admission is an important step in the group’s development, allowing the company to enhance its profile and standing within its existing markets and will assist with the growth of its business into new markets.

"The proceeds will allow Defenx to pursue its strategic objectives; including the further development of its products and expansion of its partnerships."

It also said that broadening the group's shareholder base would make it is easier to raise further capital for future growth.

It will use the net proceeds of the IPO to fund the development of its Windows phone app and broaden its Android and Apple iOS offerings, including mobile device management for SMEs. It is also hoping to expand globally.

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