Ubisense on track for £38.6m exit
Ubisense expects to start its life next week as a publicly traded company with a market capitalisation of £38.6 million following an oversubscribed fundraising with institutional investors that has raised £8.7m.
The Cambridge wireless company has experienced major growth over the last five years on the back of its real-time location solutions (RTLS) technology and CEO, Richard Green, believes the listing is highly positive news for the UK technology sector.
"It's great for Cambridge and the UK to see new technology stock, it's been a long time" said Green, who added that the London markets were a natural choice for Cambridge firms.
"The London capital markets, what better place for companies to get access to markets and help them grow," he said. "Cambridge is only 45 minutes from London, it's almost a suburb and makes more sense to be here than New York."
Ubisense was founded in 2002 as Ubiquitous Systems Ltd, a name it changed in 2003 what it is today. The company received several funding rounds from friends and family and angels in Cambridge including a $3m 2006 investment before .
It then raised £5m in November last year in what Green since called a pre-IPO round and now this £8.7m before expenses at 180p a share in the oversubscribed fundraising, both of which have been led by Canaccord Genuity.
Key moments for the company include the summer of 2007, when its RTLS work received regulatory approval in the US and UK, and the 2009 deal with Atlas Copco, one of the world's leading suppliers of manufacturing tools.
It is this partnership that has led to the co-development of a series of products for manufacturers together with the new fundraising that Green says will help Ubisense expand into new geographical markets such as Asia.
Beyond manufacturing, Ubisense is also keen to exploit the technology's full potential and push out into new markets and applications, such as the elite sports work it recently announced with McLaren.
Green added that the money would also go to expanding the geospatial side of the Ubisense business, which it will do both organically and through acquisitions.
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