Open cloud business integration platform Maestrano is to announce its intention to float on the Alternative Investment Market (Aim) of the London Stock Exchange today, with its market capitalisation at the point of admission coming in at £12m.
Grant Thompson LLP has been appointed as a nominated adviser, with Arden Partners as sole broker to the company in relation to the float.
Placing at the price of 15p per share, the company is also raising £6m in additional capital via the flotation from the issue of new shares. Maestrano says that the placed shares will represent 49.97 per cent of the company’s ordinary shares at admission, which is set to go live on 30 May.
“I am delighted to announce the proposed admission to Aim of Maestrano Group plc, which will aid the company as it moves into large scale roll out with key enterprise partners,” commented chief executive Stephane Ibos.
“In particular, admission to Aim will provide access to capital and profile appropriate for the long-term development of the business. Maestrano partners with some of the world’s leading professional, financial and technology businesses, and we expect to use this platform to capitalise on a substantial opportunity ”
Established in Sydney, Australia in 2013, Maestrano caters to small and medium-sized businesses (SMBs), as well as large firms such as major banks and government organisations. Now with additional headquarters in London, New York, Singapore and Dubai, it provides an integrated suite of cloud-based software-as-a-Service (SaaS) applications with added data analytics, delivering real-time, automated and predictive business insights across functions and locations.
The platform reports that in the US alone, demand for cloud computing services is growing 40 per cent annually, with the global spend on tech solutions by SMBs estimated at more than $568bn per year.