Crossrider becomes latest tech IPO and raises £45.9 million

Digital advertising group Crossrider has joined London's Alternative Investment Market and now plans to grow both organically and through acquisitions.

Having built up a speciality offering in the web and mobile media market by utilising big data, Crossrider has embarked on its latest expansion push.

The business is joining London’s junior stock exchange (AIM) and raising £45.9 million through the process – giving it a market capitalisation of £152.9 million.

Crossrider’s platforms help ad networks, agencies and direct publishers and delivered ‘relevant adverts’ to 90 million users in January 2014 before growing that to 150 million in August 2014.

Koby Menachemi, CEO and co-founder of Crossrider, says, ‘The interest in our business from high quality institutions and their subsequent demand for our shares is a strong endorsement of our strategy and service offering.

‘Crossrider is at the cutting edge of a revolution in online averting. Our aim is for Crossrider’s platform to become the de facto standard to enable advertisers and publishers to accurately match products and services with the most relevant customer.’

More on recent AIM admissions:

The money generated through the IPO will be used to increase traffic to Crossrider’s platforms, build out its footprint and expand the data aggregation and analysis capabilities the business has. This will be done though organic means as well as by closing acquisitions.

Recent financial figures for Crossrider show that the company generated revenues of $29.3 million for the first half of 2014, up from $21.6 million from 2013. EBTIDA for the 2014 period stood at $7.7 million.

Alan Dobie

Alan Dobie

Alan Dobie was assistant editor at Vitesse Media Plc before moving on to a content producer role at Reed Business Information. He has over 17 years of experience in the publishing industry and has held...

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