AdvancedAdvT is to cancel its listing on the main segment of the London Stock Exchange and join the junior AIM market.
The acquisitive tech group led by executive chair Vin Murria OBE, founder and former CEO of software giant Advanced Computer Software Group plc, listed in March 2021 as a special purpose acquisition vehicle.
The company had raised £130 million through a fundraising with the support of leading institutional investors to pursue its stated investment strategy of seeking mid-cap acquisition opportunities in the software sector.
In August 2023 it revealed that it had agreed in June to buy five software businesses from Capita plc – CIBS, CHKS, Retain, WFM and Synaptic – for an initial £33m in a reverse takeover which saw a suspension of trading in its shares under public market rules. This will remain the case until it provides full disclosures.
“We are switching our listing to AIM and expect to have our shares trading again on 10th January 2024,” said Murria. “AIM provides a more suitable regulatory environment for a business of our size and structure as well as offering flexibility with regard to corporate transactions, and will provide access to a broader pool of institutional and other investors.
“The management’s experience, expertise and proven track record, together with £95m of cash and assets plus supportive shareholders, position us extremely well to execute on our growth strategy in a rapidly growing and evolving AI and digitally led landscape.
“We recently acquired four businesses with notably strong recurring revenues and have created an initial platform on which we can rapidly scale, innovate and build both organically and inorganically.
“Our two platforms, business/data and compliance solutions and human capital management platforms, provide us with a strong and solid foundation to capitalise on the anticipated rapid market growth and increasing AI, digital transformation, data analytics and business intelligence requirements across these sectors, whilst also expanding our presence in adjacent markets, geographies and digital sectors.
“Forecasts indicate that the business solutions, human capital management and digital transformation markets are anticipated to experience double-digit growth rates extending through 2030.”