A new tech company has joined the ranks of London's junior market this morning, as GetBusy – a spinout from Australian conglomerate Reckon – listed with a market cap of £13.7m.
The business has raised £3m via a fully underwritten rights issue, selling just over 48m shares for 28.3p apiece.
Just this morning, the tech business also launched the pre-beta version of its new app – code-named SCIM – which is designed to change the way people work.
“We’re excited about out London Stock Exchange Aim listing, and believe our product line-up is world-class,” said chief executive Daniel Rabie.
“Our two existing document management software products have an impressive track record, and continue to show strong growth. On top of that we have the potential to further increase this success with our new product in development.”
GetBusy currently offers two pieces of document management software, SmartVault and Virtual Cabinet. Both are aimed at small to medium-sized organisations, and larger firms within enterprise content marketing.
The latest piece of software, which City A.M. unveiled last month, allows all interactions and transactions between a client and a service offerer to take place over one platform. It will automatically prompt the offerer to complete certain actions at the relevant times, with the aim of preventing procrastination and deepening the communication and trust between parties.
SmartVault and Virtual Cabinet are more traditional products, which will be utilised within the new app to allow parties to sign and send secure documents. They optimise the capture, management, storage and delivery for all of a business's documents, and the two products together generated sales of £8m last year.
All of GetBusy's products are subscription-based, and with subscription revenue leaping by 21 per cent last year, Rabie believes this puts the business in a strong position.
“As the vast majority of our revenue is on a recurring subscription basis, GetBusy is in an extremely strong place. It’s an enviable position to be in,” he said.
Subsidiaries of RBC Investor Services, JP Morgan, HSBC and Citi will each hold more than three per cent of shares after the float.