Quartix to float on London's AIM after completing fundraising
Quartix Holdings, a vehicle tracking and telematics supplier, will begin trading on London’s AIM next Thursday with a market capitalisation of £54.1m after a successful fundraising.
The company, which has raised £11.4m in a share placing, said admission to AIM was an "exciting milestone" and will provide the company with "an enhanced platform from which to build on the momentum we have achieved over the past few years".
Providing tracking and telematics data analysis for commercial vehicles and motor insurance providers, using a low-cost remote sales model, Quartix made £7.4m in sales during the first half of 2014 compared to £6.2m same time last year.
Managing director and co-founder Andy Walters said: "We look forward to delivering on our strategy to extend our technology, low cost sales and subscription model to grow our presence in the UK, France and the US and create further value for all our shareholders."