Norkom Technologies begins trading on IEX and AIM
26 June 2006 | 3808 views | 0
Source: Norkom Technologies
Norkom Technologies was today admitted to the IEX and AIM markets of the Dublin and London stock exchanges.
Following a successful round of fundraising, the company listed with a share price of US$1.56, giving it a market capitalization of US$126million. The company raised gross proceeds of US$26.4million through a placing of new and existing Norkom ordinary shares.
Norkom's successful IPO follows several years of significant revenue growth and constant profitability. The company has become a significant player in the global Financial Crime and Regulatory Compliance marketplace, achieving the market leading position in Europe. The funds raised through the IPO will be used to build on Norkom's success to date, fund strategic acquisitions and strengthen its market leading position.
Speaking about the IPO, Paul Kerley, Norkom CEO, said "We are delighted with the successful outcome of this offering. The fundraising and admission to AIM and IEX represents a new phase in Norkom's development. The combination of our strong product offering, our internationally recognized blue chip client base and the domain expertise of our people means we are well positioned to become global leader in the high growth financial crime prevention software market. Admission to the AIM and IEX markets will fuel our growth and support our commercial strategy which includes the pursuit of targeted acquisitions."
The market for financial crime prevention and compliance solutions was estimated to be US$3.7 billion in 2005 and is expected to grow to US$5.1 billion by 2008.
Norkom has experienced significant growth of 49% in the last year, with revenues increasing from US$15.2 million for the year ended 31 March 2005 to US22.77 million for the year ended 31 March 2006. The Group has been profitable and cash generative for the last three financial years, and for the year ended 31 March 2006 generated EBITDA of US$4.2 million.