Accounting and payroll software services company Big Red Cloud Group (BRC) has decided to pursue future growth as a public company.
The business, which was set up in 1992 by accountancy firm Bryan Phelan Associates, is hoping to raise €5 million (£4.1 million) by joining London’s Alternative Investment Market (AIM).
BRC is focused on the Irish SME market and generated revenues of €1.3 million for the year ending 31 January 2014. Its latest software-as-a-service (SaaS) product, Big Red Cloud, was launched in September 2012.
Company CEO Marc O’Dwyer comments, ‘We have a great market opportunity: the UK sees 44,000 companies starting up every month, and almost all need an accounting service.
‘The placing will allow us to replicate our success in Ireland in the UK and beyond, through further development of the Big Red Cloud SaaS solution and focused marketing campaigns for SMEs and accountants.’
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According to BRC, the proceeds of the IPO will be used to continue developing the functionality of its products, support predicted fast growth in Ireland and expand into the UK and other new markets.
The move to join AIM follows a period which has seen large number of technology companies return to the capital markets. At the end of April, analytical services business Rosslyn Data Technologies Group raised £10 million.
‘Our cloud solution is already well established in Ireland despite only being launched in September 2012, with 1,982 companies and 561 accountants currently using the product – and we are gaining ground in the UK,’ O’Dwyer adds.