Software supplier Proactis, which develops specialist spend management solutions for businesses and public sector organisations, has floated on AIM having completed a £4 million fundraising, at 43p, arranged by broker Teather and Greenwood.

Counting the likes of HMV, the NSPCC and The University of Birmingham amongst its client base, Proactis’ software is used to reduce administration costs, control internal and external expenditure and automate various financial procedures.

Claiming over 70 customers in all, the group made sales of £1.8 million and a pre-tax profit of £252,544 during the eight months to March. These figures easily outstripped those achieved for the preceding 12-month period and chief executive Rod Jones has high hopes for further growth. ‘The listing will enable us to speed up our growth through the development of our sales force and channels to market,’ he comments.