Software business to raise £10m

Software as a Service business i-Nexus Global will raise £10m when it floats on the Alternative Investment Market tomorrow.

The Coventry-based business said its placing was “significantly oversubscribed”. It will have a market capitalisation value of £23.36m and a free float of one-third of the business.

The net proceeds of £8.9m will be used to enhance thegGroup’s go-to-market strategy, scale the group’s channel partner programme and the development of standardised, self-service “out of the box” aspects to the solution.

i-nexus provides an enterprise-grade, cloud-based software platform which is used by 36 established global blue-chip businesses, predominantly based across the US and Europe.

The group’s software supports Hoshin Kanri, a strategy development methodology first introduced in the 1960s in Japan and born out of lean, six sigma and operational improvement theory.

Simon Crowther, chief executive Officer of i-nexus, said: “The funds raised will enable us to capitalise on the growth of our sales pipeline and take advantage of what we believe to be a significant market opportunity in Hoshin-based Strategy Execution software.

“With an outstanding customer base, strong competitive position, high levels of recurring revenue and large addressable market, we are excited about the future for the business.”