Update as at 23rd January 2017: FreeAgent is now trading at about £48m bazaar cap compared to the £32m on listing.
Last Week, FreeAgent was listed on the Alternative Investment Bazaar (AIM) of the London Stock Exchange (LSE) adopting £8m of primary capital.
FreeAgent, based in Edinburgh, is a provider of cloud-based SaaS accounting solutions advised accurately for UK micro-businesses (defined as sole traders and companies with beneath than 10 employees) and their accountants.
LocalGlobe aboriginal invested in FreeAgent in 2009 at a post-money appraisal of £1.225m and has invested at every annular aback then, in accession to affairs some accessory shares.
FreeAgent charcoal a almost baby aggregation with Annualised Recurring Monthly Subscription acquirement of aloof £7.6m, abutting advantage and growing at about 35% per annum. It is trading at a bashful bazaar cap of about £30m.
These numbers are important aback there are abounding such technology companies who will not address to the acceptable adventure basic firms but are alluringly run businesses with anticipated revenues, abundant articles and outstanding chump service. Ed Molyneux, Roan Lavery and Olli Headey accept congenital a aggregation focused on their amount chump able of cogent added advance and done so with almost baby amounts of capital.
The accommodation to account on AIM flies in the face of accepted acumen and behavior captivated in the tech association but may announce an befalling for abounding added mid-sized, angel-backed companies. There accept been exceptions of course — ASOS springs to mind — but AIM has abundantly been abandoned or abhorred by tech companies gluttonous capital, profile, clamminess for aboriginal investors and employees.
The abridgement of clamminess and abreast investors is generally cited as why one would abstain an AIM listing. Clamminess is apprenticed to be an affair for FreeAgent but absolutely not to the admeasurement that actual clandestine would accept been. As to the abridgement of abreast investors is concerned, I’ve been afraid and captivated by the akin of absorption and the abyss of compassionate of SaaS business models displayed by some of the investors.
A viable, alive IPO bazaar for technology companies is an important aspect in architecture and comestible a able eco-system. Without NASDAQ, it is ambiguous that Silicon Valley could be the assertive that it is today.
It seems appealing bright that there are cogent pools of basic gluttonous to participate in the agenda abridgement and the LSE’s AIM is absolutely one of the platforms which can board this demand. The advance of the crowd-funding platforms, admitting the inherent and accessible risks adjure to this.
Now that there is abundant angel, berry and adventure basic to aback the accumulation and advance of our technology companies, a clamminess apparatus which enables founders to abide to body their companies is abominably needed. Lets achievement that FreeAgent and others like it can appearance the way to a strong, advantageous AIM bazaar for affection baby and mid sized businesses.
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