Glantus, the provider of Accounts Payable automation and analytics solutions, announces that admission of its entire issued and to be issued share capital to trading on the AIM market of the London Stock Exchange (“Admission”) will become effective and dealings will commence at 8.00 a.m. today under the ticker “GLAN”. The Company’s ISIN is IE00BNG2V304.
Glantus has successfully raised £10.0 million (gross) through an oversubscribed placing of 9,803,909 New Ordinary Shares at a price of 102 pence per share (“Issue Price”) with institutional, VCT and other investors. A further £4.0 million was raised for existing holders through a placing of 3,921,567 existing Ordinary Shares at the Issue Price.
The New Ordinary Shares represent approximately 27 per cent of the Company’s issued share capital. On Admission, the market capitalisation of the Company will be approximately £37.0 million.
Arden Partners is acting as Broker and Nominated Adviser to the Company on the fundraise and Admission.
Glantus is a provider of accounts payable automation and analytics solutions headquartered in Dublin, Ireland. It is lead by Founder & Chief Executive Officer Maurice Healy, who holds a 40.3% stake. Chief Technology Officer Geoff Keating is the second-largest shareholder currently with 19.4%.
Maurice Healy, CEO of Glantus, said: “We are delighted to announce our successful fundraise and admission to AIM, it is an important step in our development and provides an excellent platform for expansion. Based on growth forecast for the Accounts Payable automation market and an acceleration of digital business initiatives, we are extremely well placed to capitalise on the investment by companies into finance automation and analytics.”
Glantus Overview
Glantus is an ISO 9001, ISO 27001 and ISO 27701 certified provider of Accounts Payable automation and analytics solutions. It utilises a technology that layers onto existing data systems and transforms and analyses data to improve finance automation, and deliver analytics and data science to business users. The Company has developed solutions which focus on three product areas: Active AP Discovery, Intelligent AP Automation and Advanced AP Analytics.
The Group’s solutions are built on its proprietary Data Platform which allows for the capture of data providing automation, visualisation and advanced analytics. It offers on-demand reporting capabilities that enable various stakeholders in an organisation to make data-driven decisions. Moreover, the solution uses automation to improve efficiency and reduce user-related errors. The Directors believe that the Glantus difference is providing an end-to-end platform for Accounts Payable.
With two principal operational divisions covering EMEA and the US, these solutions are offered to over 300 customers, more than 50 of which Glantus classifies as Large Enterprises (including Fortune 500 companies and other large-multinationals). Customers are spread across industries such as healthcare, transportation, industrial products, manufacturing, distribution, telecoms, gaming & entertainment, education, consumer products, energy, property & construction, and business services.
The global Accounts Payable market is forecast to grow at 9.6% CAGR and estimated to be worth over €3 Billion by 2027.
The Directors believe that the Company is uniquely positioned to capitalise on the investment that businesses are now making in automation and believe that significant growth opportunities exist.
Through a combination of revenue growth and acquisitions it has established a presence in the Accounts Payable market. From 2019 to 2020 Revenues increased over 150% to €8.5m. 89% of 2020 revenues were recurring made up of a combination of subscriptions and transactional revenues. The US contributed 47% of 2020 revenues, with 32% from the UK.
Use of Proceeds
The net proceeds from the Placing to Glantus of approximately £8.3m will provide the Company with equity finance to support its growth strategy by investing in account management, sales and marketing, and will provide balance sheet strength for the Group to consider further M&A activity.
The Board
At Admission the Board comprises three executive Directors and three non-executive Directors.
Barry Townsley – Non-Executive Chairman
Barry Townsley CBE, founded Townsley & Co stockbroking business. He was a founder partner and is the current chairman of Hobart Capital Markets. He is director of Caprice Holdings Limited, vice-chairman of the Serpentine Gallery, London; patron of Trinity Hospice London; president of Weizmann Institute UK and member of the executive board in Israel.
Maurice Healy – Founder & Chief Executive Officer
Maurice Healy has over 30 years’ experience in the technology sector. Since he founded Glantus in 2014, he has been instrumental in the Company’s development and growth. He has responsibility to the Board for corporate strategy and appraisal of corporate investment projects. He oversees the integration of acquired businesses. He has led and listed other technology and telecoms companies. In 1997, he coordinated the admission and placing of shares of ITG Group PLC to the developing companies market in Dublin and AIM in London. In 1999; ITG Group PLC was admitted to the Official London Stock Exchange Lists and a placing and open offer of shares completed. In 2005, Calyx Group PLC, which he founded in 2002, was admitted to AIM.
Gráinne McKeown – Chief Financial Officer
Gráinne McKeown has over 20 years’ experience of financial management in the technology sector. She joined the Group in 2017. From 2005 to 2017, she was chief financial officer with Threefold Project Management Limited. From 2002 to 2005, she held the position of financial controller at Calyx Group PLC. She worked with Zomax Limited from 1996 to 2002 in senior finance positions. Before that, she held financial positions with KAO Infosystems Limited and Organon Technika Limited. She is a member of the Association of Chartered Certified Accountants, having qualified as a certified accountant in 1994. Grainne is responsible for finance and HR globally.
Geoff Keating – Chief Technology Officer
Geoff Keating joined the business in 2017 and is responsible for technology direction and product development. He has over 30 years’ experience in the technology sector. In 2016 he worked under a fixed-term contract as operations director with EI Systems, a document management solutions provider. From 2012 to 2015 he was chief technology officer at Milner Browne, a company that specialises in the SAP Business One ERP system. From 1994 to 2012 he was the owner and managing director of Input Systems Limited, a software development company that specialised in integrated business management systems. Before this, he held software development positions at Keysoft and Tomorrow’s World.
Diane Gray-Smith – Non-Executive Director
Diane has a strong track record of leading the finance function within global organisations in the technology innovation space and has worked with businesses across a range of sectors, including the Financial Services and Media sectors. Since 2019, she has been global chief finance officer for TradeIX. From 2015 to 2018 she was executive vice president and global chief finance officer for Uphold Inc. In 2018, she was a founding partner of Public Mint Inc. where she currently serves as a non-executive director. From 2002-2015 she worked as an interim executive, advising company boards and managing finance functions. From 2000 to 2002, she was group finance director at The Media Group. From 1995 to 2000, she was chief financial officer at Coromin Continental Resources.
Tom Price – Non-Executive Director
Tom Price was a corporate financier for over 30 years and has held corporate finance roles advising growing businesses across a broad range of sectors. From 2018 to 2019, he worked with Arden Partners PLC as corporate finance director. From 2016 to 2018, he served as corporate finance director with Northland Capital Partners Limited. From 2013 to 2016, he was head of corporate finance with ZAI Corporate Finance Limited. From 2009 to 2012, he held senior positions at Westhouse Securities including those of corporate finance director, chief operating officer, acting chief executive officer and PLC board director. From 2002 to 2009, he worked as corporate finance director at Evolution Securities. From 1990 to 2002 he held the positions of corporate financier and director with Beeson Gregory Limited. He is also treasurer and arts adviser to Cockayne – Grants for the Arts and a trustee of the Braintree Museum Trust.
The Company’s Admission Document can be found on its website at www.glantus.com/investors/.
Total voting rights
Following Admission, the total number of Ordinary Shares in issue will be 36,275,431, each with equal voting rights. The Company does not hold any rights in treasury. The total voting rights figure can be used by Shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change of their interest in, the Company under the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority.
Capitalised terms used in this announcement shall, unless the context provides otherwise, have the same meaning as defined in the Admission Document.
Editor Notes:
Glantus (AIM:GLAN) is a global provider of Accounts Payable automation and analytics solutions. Our mission is to simplify data to drive constant innovation. The award-winning Glantus Data Platform provides an end-to-end AP solution that layers onto existing systems eliminating cost and delivering new revenue streams. Glantus has over 300 customers across more than 50 countries, including Fortune 500 brands and large multi-nationals.
