Ubisense dropping IPO hints?
Ubisense in Cambridge has added more heavyweight experience to its board and at the same time, weight to the argument that it is preparing for an IPO.
The developer of real-time location systems has recruited Paul Taylor as a non-exec director, who joins after 21 years - ten of them as group finance director - at London-listed AVEVA Group.
AVEVA, an engineering IT company, is Cambridge’s third biggest tech company after ARM and Autonomy and has a market cap of over £1.1bn.
Ubisense was singled out in a recent Investors Chronicle article as “one of the leading candidates to go public at some point this year.” In a recent interview with Cabume, CEO, Richard Green spelt out some of the factors that would govern the timing of Ubisense’s IPO but would not be drawn on whether any had been fulfilled.
According to a statement from the company, Taylor “will contribute to the company’s overall strategy, scrutinising its performance and providing independent views on a range of commercial matters including growth, finance and resourcing”.
Although Ubisense’s board is already well-stocked with experience in the public markets, the addition of high-calibre independent non-exec directors - especially the former FD of a high-profile quoted firm - can be viewed as a sign that a company is preparing for an IPO.
Andy Hopper, chairman of Ubisense, as well as head of Cambridge University’s computer lab said: “We are delighted that Paul has joined our Board of Directors. His appointment comes at a very exciting stage in the development of Ubisense.
“Our business is going from strength to strength. Paul’s strategic financial insight and operational experience will prove critical moving forward.”
Hopper has co-founded 12 successful companies, including Acorn Computers.