Imaginatik joins AIM
Article Date: Apr 05 2007Imaginatik has joined AIM, valuing the innovation management and technology company at £8.7 million.
It raised £2.1 million by placing 27.8 million shares at 7.5p each. Following admission, Imaginatik’s directors will hold 85.9 million shares in the company, a 73.7% stake.
The proceeds will fund growth, particularly the recruitment of staff and the acquisition of marketing resources in the US and UK. Chief executive and co-founder Mark Turrell said: “'Innovation is now acknowledged as being a key factor in achieving long-term growth.”
As US legal counsel to the company, Dorsey & Whitney conducted legal due diligence on the Imaginatik’s US operations and provided advice on US securities law aspects of stock issuances to US-based individuals and employees. The firm also assisted Imaginatik in drafting a US stock option plan for its US employees.
The work was co-ordinated by partners Barry Glazer and Mark Taylor at Dorsey & Whitney’s London office, and capital markets partner Rich Baumann. US lawyers in the firm’s New York and Minneapolis offices also provided assistance.
Tenon Corporate Finance acted as reporting accountant to Imaginatik. Tenon also provided advice leading up to flotation and introduced both finance director Shawn Taylor and WH Ireland to the transaction.
Julian Clough, Tenon’s director of corporate finance, said: “We have worked alongside the company during the last 18 months to establish the infrastructure to support this fast-growing business. The fundraising provides the basis to support its growth strategy.”
Marriott Harrison, led by Simon Charles, was UK legal counsel to the company, while WH Ireland, led by Tim Coffman, was its nomad and broker.
Founded in 2000, Winchester-based Imaginatik provides software and services to encourage innovation in companies. It operates in the US, UK and Germany. Its clients are mostly large corporations, such as Pfizer, Hewlett-Packard, Weyerhaeuser and Cargill.
The company’s core product is Idea Central, a software package that encourages all operations in businesses to innovate, which won the Basex Award for Excellence.
Imaginatik generated revenues of £1.4 million for the year ended March 31, 2006. It reported sales of £1.3 million in the six months to September 30, 2006.
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