RiverFort investee Smarttech247 announced its intention to list its shares on AIM on Thursday, as its raised almost £3.7m.
The company said Smarttech247 had raised £3.67m of new funds to support its continued expansion into new products and geographies, as well as the development of its proprietary technology and for general working capital purposes.
Its directors said they believed a listing would give the firm “greater visibility and credibility” in overseas geographies, including the United States and Europe, and would support its growth plans in the short- and the long-term.
Smarttech247 recently launched two new proprietary security software-as-a-service products, ‘VisionX’ in June and ‘ThreatHub’ in August.
It described VisionX as an automated security operations centre platform, offering 24/7 proactive threat detection and response using cloud data analytics, machine learning and an incident response capability.
VisionX had won two multi-year contracts within months of launch, one of which was with a US-based Fortune 500 company.
Admission was expected to take place on or around 15 December, with RiverFort investment director Nicholas Lee joining the board of Smarttech247.
“We originally made our investment in Smarttech247 in May 2021 and we reported in our interim results in September that the company was actively progressing a listing,” said non-executive chairman Philip Haydn-Slater.
“We are therefore very pleased that it has now formally announced its intention to list, particularly against the background of the current testing market conditions for new listings.
“This is clearly a function of the quality of Smarttech247 – we look forward to updating the market further once the Smarttech247 shares commence trading in the next couple of weeks.”