Glantus float on AIM
May 2021
Glantus is a provider of accounts payable (“AP”) automation and analytics solutions. Focusing on three product areas, Active AP Discovery, Intelligent AP Automation and Advanced AP Analytics, the Group utilises its internally developed data platform to offer an integrated solution for the finance function, accounts payable in particular. These solutions are offered to over 300 customers, more than 50 of which Glantus classifies as large enterprises.
The Company is headquartered is in Dublin, Ireland with the main office for EMEA operations is in Harpenden, England and the main office for US operations is in San Jose, California.
Admission to Trading on AIM
On 11th May 2021, admission and dealings commenced by way of a placing of 9,803,909 New Ordinary Shares and 3,921,567 Sale Shares at 102p per share.
Reasons for admission and use of proceeds
The Directors believe that Admission will position the Company for its next stage of development by further raising its profile, incentivising employees and providing it with a well-funded platform for future organic growth and, potentially, acquisitions.
Admission will also enable the Selling Shareholders to realise part of their investment in the Company, which they have built up over a long period. The Company will receive approximately £8.3 million of net proceeds from the Placing. The Selling Shareholders will receive approximately £3.8 million of net proceeds from the Placing.
The Company intends to use the net proceeds to expand the Group’s operations, specifically by investing in account management, sales and marketing, and providing balance sheet strength for the Group to consider further M&A activity.
The Perivan shareholder communications team were delighted to work with Arden Partners who were appointed Nominated Adviser and Corporate Broker to Glantus on the successful publication of the 190-page admission document.
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