Dan Wagner-founded ATTRAQT raises £1.25m in AIM IPO
Shares rise 7% in cloud-based e-commerce platform following listing
ATTRAQT, the cloud-based e-commerce platform founded by serial tech entrepreneur Dan Wagner, has raised £1.25m in a partial flotation on the Alternative Investment Market (AIM).
The company saw shares rise to an early premium of 53.3p on its first day of trading at AIM, an increase of 7% on the 50p-a-share float price.
Founded in 2002 as Locayta by Dan Wagner and Andre Brown, ATTRAQT provides a software-as-a-service (SaaS) platform for e-commerce retailers, which it claims is the most advanced behavioural and search-driven merchandising technology available.
Since launch it has amassed a list of high-profile e-commerce retailers as clients, including Tesco, Boohoo.com, Superdry, Laura Ashley, Screwfix and T.K. Maxx.
ATTRAQT co-founder Dan Wagner is a serial tech entrepreneur and one of the UK’s original dotcom millionaires, widely known for listing his business Dialog during the dotcom boom and seeing shares plummet by 95% in the subsequent crash.
Since then he has founded a number of successful businesses, including e-commerce start-up Powa Technologies, which last year secured a record-breaking $76m Series A funding from a group of American tech investors. Wagner shared his experience of serial tech entrepreneurship in an interview with Startups earlier this year.
ATTRAQT’s AIM listing, which has a market cap of around £10.3m, will be used to fund increased sales and marketing activity in the US, expand its sales team, and fund working capital and product development.
Andre Brown, chief executive and co-founder of ATTRAQT, said in a statement: “We are seeing growing demand for our merchandising technology from some of the major players in retail, seeking to significantly increase their online revenues, improve conversion rates and customer retention, and increase the average value of orders.
“We have a strong portfolio of clients and believe that by joining AIM, we will have an increased profile with future customers and better access to funds, allowing us to further develop ATTRAQT both domestically and internationally.
“Our scalable business model, impressive client list, experienced management team and innovative technology offering means we have confidence in the future success of ATTRAQT as a plc.”