LONDON (Alliance News) - Spark Ventures PLC Friday said it intends to realise some of its investment in IMIMobile, its largest investment, when that company lists on AIM.
IMImobile Ltd, a London-based technology company which provides mobile communication software and services for businesses, had said Thursday that it wants to raise up to GBP30 million in gross proceeds in an initial public offering on AIM. It will use the money to drive internal growth and look at potential acquisitions.
Spark Ventures currently owns 27% of IMIMobile, which it said was valued at GBP14.8 million in September 30, 2013.
Spark didn't say how much it would realise in the IPO, saying it will provide further updates in due course.
IMImobile, which employs 650 people around the world, posted revenue of GBP38.5 million in the year to end-March, 2013, and earnings before interest, tax, depreciation and amortisation of GBP6.1 million excluding impairments, acquisition and disposal costs, restructuring costs and share-based compensation.
It has clients in over 60 countries, including a "large number" of mobile operators and blue-chip companies, "typically on multi-year contracts providing a a high level of earnings visibility, with significant recurring or repeat revenues," it said in its statement Thursday.
Spark Ventures shares last traded at 5 pence a share.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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