Software company Cerillion set for Aim flotation after raising £10m
Cerillion, a billing, charging and customer relationship management (CRM) software provider, expects to float on the London Stock Exchange's alternative investment market (Aim) this week.
The London-headquartered firm has raised £10m to facilitate its flotation, and trading in its shares on Aim is expected to commence on Friday.
Cerillion’s placing price on the market will be 76p per share and its market capitalisation on admission is expected to be £22.4m.
The company, which was advised by broker Shore Capital, reported revenue of £14m and profit before tax of £2.1m in the year to 20 September 2015.
Louis Hall, chief executive of the company, said: “Cerillion has established itself as a leading provider of billing, charging and CRM solutions to the telecoms industry, with a global spread of customers who rely on our solutions to provide this critical function.
“The company’s admission to Aim represents an important milestone for the business, helping to increase our profile and improve our market positioning.”
He added: “As we look forward, we intend to grow the business, principally organically, winning new customers for our core enterprise product suite.
“At the same time, we continue to innovate to meet the evolving requirements of our customers.”
Cerillion was founded in 1999 following a management buyout of Logica. The company now has a customer base across 40 countries.
The firm, which reported it has generated £8.5m of cash over the last seven years, also said it intends to announce a maiden interim dividend and plans to pay out between a third and a half of its free cash flow as dividends each year.