London Stock Exchange welcomes Blue Prism
The London Stock Exchange today welcomes Blue Prism to a welcome ceremony, marking the admission of its shares to trading on the AIM market.
Blue Prism is a British technology company and pioneering leader in Robotic Process Automation. By supplying a virtual workforce powered by software robots, that can be easily configured to automate routine back-office clerical tasks, Blue Prism has enabled its customers to make their back-office functions more agile, cost effective and accurate. The Company operates in a highly attractive market driven by rapidly growing awareness and increasing adoption of software robots by large enterprises with significant back-office operations.
Blue Prism has experienced significant and increasing customer momentum, driven primarily through the Group’s global network of 26 channel partners and now boasts 74, predominantly blue-chip, customers. The growth in the number of customers and sales has been entirely organic, funded by strong cash generation, with recurring revenues accounting for over 61 per cent. of the total in the last financial year.
The successful IPO raised £21.1 million and was supported by a number of institutional and other investors at a price of 78p per share. On admission, the company has 62,210,968 ordinary shares in issue, giving a market capitalisation of £48.5m.
The Group will be using the £10 million of the new funds to underwrite its growth plans and provide balance sheet strength to contract with the its blue-chip customers and partners.
Commenting on the flotation, Alastair Bathgate, Chief Executive Officer of Blue Prism, said:
"We are delighted to have been admitted to trading on AIM today. This is an important step in raising the profile of Blue Prism and our industry as a whole, as we are the first Company within the rapidly growing RPA market to list on a public market. The increased visibility will further improve the confidence our customers and partners place in us, while the listing will help us attract, retain and incentivise staff.
"Funds raised for the Company at IPO will enable us to underwrite our growth plans and take full advantage of our market leading position. Our strategy is to leverage our extensive network of blue-chip partners to increase our global presence, with a particular focus on the US market. This is a very exciting time in the Group's evolution and we look forward with confidence to the next stage in Blue Prism's development."
Investec Bank plc is acting as Nominated Adviser, Sole Broker, Bookrunner and Underwriter to the Company.