ULS Technology plc joins AIM
ULS Technology plc (AIM:ULS, the “Company”) is delighted to join AIM following completion of a placing to raise £12.1 million, comprising the sale of existing shares (c. £7.5 million) and new ordinary shares (c. £4.6 million) at a price of 40 pence per share. On admission the Company had a market capitalisation of approximately £25.9 million and has approximately 65 million ordinary shares in issue.
The IPO raised net proceeds of approximately £3.75 million for the Company. These funds will be used to repay £1.85 million of indebtedness and continue to develop the Company’s existing and new products.
Established in 2003, ULS develops and operates web based comparison platforms for mortgage brokers, solicitors, estate agents, lenders, network associations and customers. These solutions can help consumers source legal, financial and property services whilst assisting intermediaries to improve compliance by treating customers fairly. ULS is a first mover in this field.
The Company operates a fully automated SaaS based platform and the majority of the Company’s revenues are B2B.
ULS has had strong revenue and profit growth to date and has consistently increased its share of the UK conveyancing market. The Company estimates that it currently has between 4% and 5% of the UK mortgage and re-mortgage conveyancing market.
The Company’s strategy is to create more innovative software with the aim of becoming the platform of choice for sourcing comparison services in the legal, financial and property markets and to continue diversifying into new product areas.
Nigel Hoath, CEO of ULS Group, commented: “We are delighted to be joining AIM today. The money raised will allow us to accelerate the development of a number of exciting new services and will enable us to further improve our existing product set, as we target an increased share of the fast growing markets in which we operate.”