Gaming and slot machine software company Quixant has joined the Alternative Investment Market and raised £4.55 million in the process.
Cambridge-headquartered Quixant now has a market capitalisation of £30 million following its admission to trading on London’s junior exchange.
Quixant designs and manufactures hardware and software products for the pay-to-play gaming and slot machine industry.
The business was founded in 2005 and has now joined the Alternative Investment Market (AIM) so that it can gain ‘working capital headroom’ to win new contracts with larger customers, the board says.
Through the IPO, Quixant has raised gross proceeds of £3.88 million through an ‘over-subscribed’ placing. In addition, a further tranche of ordinary shares were placed on behalf of existing shareholders, raising an additional £670,000.
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Nick Jarmany, co-founder and managing director of Quixant, comments, ‘I am delighted with the support received from investors who recognise the enormous potential of Quixant.
‘Public company status will support Quixant’s contributing expansion as we broaden our customer base globally, generating further profitable growth by building on our leading proprietary technology, robust fundamentals and strong growth drivers.’
Quixant reports that there are some 7.9 million gaming and slot machines in operation globally and that market analysis suggests the total gaming market will grow by more than 9 per cent over the coming three years.