Rosslyn Data Technologies Group has raised £10 million through an initial public offering (IPO) on London’s junior exchange.
The business, which provides analytical services relating to management tasks, has joined the Alternative Investment Market (AIM).
Citing a market which was worth a reported $4.3 billion in 2012, and expected to grow to $16.5 billion by 2018, Rosslyn says that cloud analytics is being driven by adoption from small and large firms.
As part of the capital market listing, the management team is planning to invest £1.5 million in product development and management and £1.2 million in growing its sales force.
Charles Clark, CEO of Rosslyn Data Technologies, comments, ‘The strong level of support form institutional investors is testament to the strength of our business and our future prospects. Data is exploding at an increasing velocity and form.’
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Rosslyn was initially set up by Clark and Hugh Cox in 2005. Through its offering covering data extraction, cleansing, enrichment and visualisation, the business has secured Xerox Business Services, Coca-Cola and Aberdeen Asset Management as customers
Its RAPid platform is its primary product and is being driven from offices in London, New York and Colorado.
‘RAPid is able to offer its customers a cloud-based service which takes any data and makes it analytics- ready through the ICE method – integrate, cleanse and enrich,’ Clark adds.
‘This is the holy grail for enterprises looking to understand and use their data; but in a cost-effective way that generates fast returns on investment verses the traditional, ineffectual methods in the market.’
For the year to date 30 April 2013, Rosslyn posted revenues of £1.84 million and gross profit of £1.59 million.