WANdisco AIM flotation raises £15m
Oversubscribed share placing for Sheffield and Silicon Valley-based software company
WANdisco Plc, the global collaboration software company has secured £15m in an oversubscribed flotation valuing the company at £37m on the London Stock Exchange’s junior slope AIM.
The Sheffield and Silicon Valley-based company’s shares began trading at 8am UK time this morning with the price per share set at 180 pence. Initially, the company had hoped to raise £10m from its listing of 20,552,110 shares.
Chairman and CEO David Richards expressed his delight as the deal will enable the business to pursue growth in the Far East via an office in China, further product development, and provide working capital, with the potential for complementary technology acquisitions.
“I am delighted with the success of our significantly oversubscribed Placing and with the strong, supportive response we have received from our new, high-quality institutional shareholder base,” said Richards.
“We have a clear strategy for growth and the funds raised through our Placing will help us now to deliver on that strategy, opening up new markets, new products and new possibilities both for WANdisco and for its customers.”
WANdisco’s patent-pending technology drew such interest as it solves a major problem for globally dispersed software engineering team. Its open source ‘version control’ system, which clients subscribe to, enables software engineers to develop simultaneously on the same project no matter where they are in the world.
Customers of the company set up by Richards, Jim Campigli and Dr. Yeturu Aahlad in 2005 include Hewlett Packard, Intel, AT&T, Barclays, Motorola, Nokia and Wal-Mart. While revenue remains modest at $3.9m for 2011, the potential market for application development software is significant, with Gartner predicting growth to $9.41bn in 2015. The company has also cited the emerging Big Data opportunity as key to further growth.