Tuesday 3rd May 2005
CEO Ian McLaren
Ubiquity to make AIM connection
Ubiquity Software, a Cardiff-based software developer targeting the telecoms sector, is looking to raise £20 million (with the aid of broker Evolution Securities) ahead of its impending AIM launch.
The company’s software allows communication service providers and network operators to converge voice, video and data services over a single internet protocol (IP) network – an increasingly important aspiration for many within the industry.
IBM, Bell Canada and Siemens have already trialled Ubiquity’s software. And, although the company remains at an early stage commercially (2004 saw the first actual deployment of its technology), research organisation Gartner expects spending on the next generation communication networks that Ubiquity facilitates to exceed billion (£18 billion) in 2005 and 2006 alone. Chief executive Ian McLaren says the £20 million hoped for on flotation will be used to fund further product development, increase marketing spending and add further working capital to the business, which already employees 167 individuals through offices in the UK, US and Canada. To date, Ubiquity has supported itself through a £27 million venture capital fundraising, completed in August 2000. Private equity group CapVest, technology investor Wesley Clover and telecoms group Alcatel were among those to have invested at the time.
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