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IP Group plc
Portfolio company Actual Experience plc announces £15.7m funding round
28 May 2015
IP Group plc (LSE: IPO) (“IP Group” or “the Group”), the developer of intellectual property-based businesses, is pleased to note that portfolio company Actual Experience plc (“Actual Experience” or the “Company”), the analytics-as-a-service company, has conditionally raised up to £15.7 million (before expenses) by way of a placing of new Ordinary Shares with both new and existing shareholders at a price of 190 pence per share.
Actual Experience has developed a proprietary cloud analytics offering, which can provide both historical and real-time analysis to customers to enable them to pinpoint quality issues within their digital supply chain and subsequently improve the digital quality of their product or service, and thus improve their digital brand. The proceeds of the placing will be primarily used to establish client facing teams in Europe and North America, including channel development and support; to increase the size and skill base of the Company’s technology development team; to strengthen the Company’s balance sheet and to fund the Company’s working capital requirements for the foreseeable future.
The placing is conditional upon, inter alia, the passing of certain resolutions at a general meeting of the Company. Subject to shareholder approval being given as aforementioned, it is expected that admission to AIM will become effective in respect of, and that dealings on AIM will commence in, the placing shares on or around 16 June 2015.
IP Group has agreed to subscribe for 789,473 placing shares, representing approximately £1.5 million. Following the completion of the placing, IP Group will be beneficially interested in 9,343,223 ordinary shares in the Company, representing approximately 25.2% of the currently anticipated enlarged issued share capital.
In addition to the placing of new Ordinary Shares, the Company has conditionally placed a minimum of 157,882 existing Ordinary Shares with both new and existing shareholders on behalf of employees and directors of the Company, including Dave Page and Professor Jonathan Pitts.
Commenting on the placing, Mark Reilly, Head of Technology at IP Group and Non-executive Director of Actual Experience, said: “This fundraising will allow Actual Experience to further strengthen its teams so that it can respond effectively to the significant international market opportunity for its services. It will also allow the Company to demonstrate that it has the financial resources to engage contractually with global channel partners. IP Group is delighted to continue its support of the business as it continues to grow and develop.”
Dave Page, CEO of Actual Experience, commented: “The placing enables the Company to significantly increase its sales teams and further enhance the technology development team as we look to capitalise on our growing pipeline and beyond. We recently announced a new channel customer which in itself has the ability to radically enhance the Company’s revenue profile and we are confident that we will be in a position to announce a further significant agreement later this year.
“Our AIM listing has given us the platform to fully commercialise a ground breaking technology from a British University and our shareholders, both existing and new, have given us the funds and support to focus on the enormous market opportunity that exists rather than set us short term targets that would soon prove obsolete. I would like to thank them for their continued support at a particularly exciting time for the Company.”
For more information, please contact:
IP Group plc Alan Aubrey, Chief Executive Officer Greg Smith, Chief Financial Officer Vicki Bradley, Communications |
+44 (0) 20 7444 0050 |
FTI Consulting James Melville-Ross/Simon Conway/ Victoria Foster Mitchell |
+44 (0)20 3727 1000 |
Notes for editors
About IP Group
IP Group is a leading UK intellectual property commercialisation company, developing technology innovations primarily from its research intensive partner universities. The Group offers more than traditional venture capital, providing its companies with access to business building expertise, networks, recruitment and business support.
IP Group's portfolio comprises holdings in around 90 early-stage to mature businesses across the Healthcare, Biotech, Cleantech and Technology sectors. These businesses include Oxford Nanopore Technologies, the DNA sequencing development company, Revolymer, best known for its removable chewing gum, and Xeros, which has received many accolades for its revolutionary clothes washing techniques with a much reduced requirement for water.
For more information, please visit our website at www.ipgroupplc.com.
About Actual Experience
Actual Experience is the market leader in advanced analytics for managing digital business quality. An automatic and continuous analysis of digital products and services makes plain the impact of poor digital quality across the business. Digital business quality is not a destination, it is a journey. Our science-based, data-driven analytics service is designed for those who care passionately about leading that journey to consistent digital quality. To learn more about our passion for digital quality, visit www.actual-experience.com. © Actual Experience plc 2015. Actual Experience® and BbFix® are registered trademarks of Actual Experience plc.
ENDS