The former chief executive of Wandisco has re-entered the stock market with the listing of Yorkshire software company IntelliAM. IntelliAM went public today on the Aquis Exchange with a valuation of £17.9m, marking the return of David Richards, its chairman, following his dramatic exit from Wandisco last year.
IntelliAM AI plc (AQSE: INT), the software company leveraging the power of AI and machine learning in the manufacturing industry, is pleased to announce that dealings in its Ordinary Shares of £0.005 each (Ordinary Shares) will commence from 8:00 am today, 3 July 2024, on the Aquis Stock Exchange Growth Market under the ticker symbol INT and ISIN number –GB00BR56LJ77.
On Admission, and following a Placing that raised gross proceeds of £5,079,989, the Company will have 16,382,534 Ordinary Shares in issue and the market capitalisation of the Company will be approximately
£15,399,582. Tomorrow, Thursday 4 July, the Company will complete the acquisition of 53 North and issue 2,759,042 Consideration Shares. Therefore, on 4 July the Company will have 19,141,576 shares in issue and, at the Placing Price of 94p, this would represent a market capitalisation of £17,993,081. A further announcement will be made tomorrow and details of the acquisition, and any terms not defined in this announcement, can be found in the Company’s Admission Document at: https://intelliam.ai/investor-relations/.
Tom Clayton, IntelliAM’s chief executive, commented: “We are delighted to join the AQSE Growth Market at a time when we have combined our established manufacturing asset management consultancy with our recently developed Intelliam AI platform.
“We believe this platform has immense and proven potential to reduce unscheduled manufacturing downtime, improve producer operating efficiencies, and thereby increase our client’s profitability.”
IntelliAM, headquartered in Dinnington, South Yorkshire, is utilizing the raised funds to invest in personnel and technology. The company’s leadership team includes CEO Tom Clayton, CFO Daud Khan, COO Keith Smith, non-executive chairman David Richards MBE, and independent non-executive directors Dame Julie Kenny and Professor Keith Ridgway CBE.
