Headed by ebullient executive chairman Patrick Ryan, Appian offers a range of products for vehicle recognition, car park management, surveillance, counter-terrorism and congestion charge administration. The company, whose losses rose from £883,000 to £1 million in the year to September on £2.9 million turnover, has won several contracts with local authorities, police forces and other high-profile customers.

Broker JM Finn handled the placing, while John East is acting as nominated adviser. The shares currently change hands for 6.25p on OFEX.