London Stock Exchange welcomes appScatter Group plc to AIM
appScatter Group plc (APPS.L), an app distribution and management platform, was today welcomed to the London Stock Exchange to celebrate its successful admission to AIM.
appScatter is a scalable B2B SaaS platform that allows paying users to distribute their apps to, and manage their apps on, multiple app stores. Additionally, the centralised platform enables app developers and publishers to manage and track performance of their own and competing apps across all of the app stores on the platform. As at 31 July 2017, appScatter had over 8,000 registered users and was generating revenue from over 800 paying users managing over 3,000 apps.
appScatter has successfully raised £9 million by placing 13,846,154 new ordinary shares in the Company at a placing price of 65 pence per ordinary share. appScatter's market capitalisation on admission, based on the placing price, is approximately £41.1 million. The Directors intend to grow the business by broadening the licensed user base through product development and targeted sales campaigns and partnerships.
Following Admission, the Company's initial focus will be to rapidly grow free users and to convert those free users into paying users in order to build critical mass. The Company aims to launch the Marketplace in Q4 2017, targeting an increase in average revenue per paying user by selling add on services, and in addition increasing paying user retention by integrating other business-critical third party products and services with appScatter's platform.
Smith & Williamson Corporate Finance Limited acted as Nominated Adviser and Joint Broker, Stifel Nicolaus Europe Limited as Lead Bookrunner and Joint Broker, Druces LLP as legal counsel and Buchanan as Financial PR. The Company's ticker is APPS.
Philip Marcella, Chief Executive Officer, commented:
"We are delighted to successfully complete appScatter's IPO and believe that today marks the start of an exciting period of growth, as we build towards the official launch of our proprietary SaaS platform later on in 2017. appScatter's full-service offering, together with our highly scalable model and significant market opportunity, give us confidence in our ability to deliver significant shareholder returns as we grow the business. Admission to AIM will help appScatter deliver on our global growth strategy and we believe the status as a Public Company will assist in attracting further blue-chip customers to the platform.
"We would like to thank all of our staff and existing shareholders who have supported the Company on our journey so far, and we look forward to their continued support as we scale the business."