Software company iNexus said today that it is set to float on London’s junior market AIM tomorrow.
The Coventry-headquartered company is a ‘software as a service’ business which provides a cloud-based platform to companies to help with continuous improvement and strategy execution.
Its software supports Hoshin Kanri, a strategy development method, first introduced the 1960s in Japan.
Translated as “direction execution”, Hoshin Kanri has similarities to six sigma and operational improvement theory.
It is a planning, implementation and review methodology which aims to ensure that strategic goals of a company are communicated to all employees and that they drive action at every level of the business.
Chief executive Simon Crowther said: “The funds raised will enable us to capitalise on the growth of our sales pipeline and take advantage of what we believe to be a significant market opportunity in Hoshin-based strategy execution software. With an outstanding customer base, strong competitive position, high levels of recurring revenue and large addressable market, we are excited about the future for the business.”
The placing, which was oversubscribed, will raise £10m for the company before expenses. Its market capitalisation will be roughly £26m.
Nplus1 Singer Advisory is acting as nominated adviser and broker to iNexus.