Glantus begins trading on AIM market
(GLAN ), the provider of accounts payable automation and analytics solutions, announced that it has begun trading on London’s AIM market under the ticker "GLAN".
The firm said it has raised £10m million through an oversubscribed placing of around 9.8m ordinary shares at 102p with institutional, venture capital and other investors participating.
Meanwhile, Glantus said it has also raised a further £4 million for existing shareholders through a placing of 3.9m existing shares at the issue price. Arden Partners is acting as Broker and Nominated Adviser to the Company on both the fundraise and admission.
The firm, which utilises a technology that layers onto existing data systems and transforms and analyses data to improve finance automation, and deliver analytics and data science to business users, has described its flotation as “an important step” in its development.
The proceeds from the placing of around £8.3m will provide Glantus with equity finance to support its growth strategy by investing in account management, sales and marketing, and will provide balance sheet strength for the Group to consider further M&A activity, it noted.
Shares in Glatnus opened this morning at 107.50p, a 5.4% premium to the placing price.
“Based on growth forecast for the Accounts Payable automation market and an acceleration of digital business initiatives, we are extremely well placed to capitalise on the investment by companies into finance automation and analytics,” said CEO, Maurice Healy who added that the admission to AIM provides “an excellent platform for expansion” for the firm.
The Directors said they believe that Glantus is uniquely positioned to capitalise on the investment that businesses are now making in automation and believe that significant growth opportunities exist. In particular, the global accounts payable market is forecast to grow at 9.6% CAGR and estimated to be worth over €3bn by 2027, the company reported.
Through a combination of revenue growth and acquisitions, Glantus has already established its presence in this market. From 2019 to 2020, revenues rose over 150% to €8.5m while 89% of 2020 revenues were recurring made up of a combination of subscriptions and transactional revenues. The US contributed 47% of 2020 revenues, with 32% from the UK.
With two principal operational divisions covering EMEA and the US, Glantus’ solutions are offered to over 300 customers, more than 50 of which it classifies as large enterprises; this includes Fortune 500 companies as well as other large multinationals, the company. noted.
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