UK software startup LoopUp announced on Monday that it intends to IPO on the London Stock Exchange.
LoopUp is hoping to raise £9 million on the AIM market for its conferencing software, giving the company a valuation of £40 million to £45 million, according to The Financial Times.
The stock market listing will mark one of the first UK tech IPOs since the UK voted to leave the European Union.
LoopUp’s software allows conference call administrators to identify where background noise is coming from. It also automatically dials in all participants when they have registered to take part in a call.
The company, which states on its website that it makes conference calls less painful, said it would use the money raised through the listing to help it grow, improve its product, and invest more in sales and marketing.
Last year the company reported revenues of £10.1 million, up 36% from 2014.
The Shoreditch-based company, which has offices in San Francisco, New York, Boston, Hong Kong, and Barbados, said that it intends to appoint Lady Barbara Judge, chair of the Institute of Directors, as chairman on admission to the London Stock Exchange.
Judge was ranked as one of the 100 most powerful women in the UK by BBC Radio 4 and LoopUp’s directors believe that the appointment will bring significant experience to the board. Earlier this month, UK HR startup Hibob also appointed Judge to its board.
Steve Flavell, co-CEO of LoopUp, said in a statement:
“Conference calls and remote meetings have become part of daily business life and yet users have come to expect their experience on these services to be incredibly frustrating and time consuming. LoopUp is designed to give users a streamlined and intuitive experience which addresses these frustrations in a simple and powerful way.
“Our differentiated product and proven new customer acquisition model have allowed us to secure over 1,850 customers and grow both consistently and capital-efficiently. The IPO will provide us with the right capital structure and funds to drive our business forward and introduce the benefits of LoopUp to new customers around the world.”
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