NetDimensions completes £3 million IPO

NetDimensions, a provider of learning and performance management software, has joined AIM.

NetDimensions, a provider of learning and performance management software, has joined AIM.

NetDimensions, a provider of learning and performance management software, has joined AIM.

The company, which supplies its products to companies and government agencies, raised £3 million before expenses giving it a market capitalisation of £15 million.

The proceeds of the IPO, some £2.3 million, will be used to increase the company’s sales and marketing operations as well as for working capital and product development.

NetDimensions’ chief executive, Jay Shaw, said this IPO was staged in response to the growth of the market for its Enterprise Knowledge Platform product.

“The funds we have raised on AIM will enable NetDimensions to continue the expansion of its marketing and sales capabilities and our new profile as an AIM-listed company will increase our competitiveness in our core markets,” he added.

The IPO was managed by Teather & Greenwood, NetDimensions’ nominated adviser and broker. Clarkson Wright & Jakes (CWJ) provided legal services.

CWJ, led by managing partner Andrew Wright, has worked with NetDimensions for the past four years.

“So our knowledge of the company’s systems and contractual arrangements helped during the due diligence process, which involved input from Cayman, Hong Kong and US legal advisers,” said Wright, who was supported by partner Salim Somjee.

The firm also advised on the drafting of the admission document, the setting up of depositary interests as well as ensuring that UK corporate governance principles were adopted by the company.

“Given the progress of the company in the marketplace, an IPO seemed like the logical step to take to ensure that the company’s profile was further increased and to assure potential clients of its stability,” Wright said. “With that in mind, we are looking forward to working with the company to achieve these goals.”

The reporting accountant was Nexia Smith & Williamson, led by director Philip Quigley and associate director Natasha Lee. “This was a challenging assignment crossing several geographical territories. 

“We were able to work with our Nexia colleagues in Hong Kong to produce effective timely reports and worked closely with the company and the other advisers to bring the transaction to a successful conclusion,” Quigley said.

NetDimensions’ customers are companies of 1,000 or more employees with geographically dispersed workforces. Its clients include ABN AMRO, ING, HSBC, The American Stock Exchange and Cathay Pacific.

Marc Barber

Marc Barber

Marc was editor of GrowthBusiness from 2006 to 2010. He specialised in writing about entrepreneurs, private equity and venture capital, mid-market M&A, small caps and high-growth businesses.

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