Cork-based Smarttech247, owned by RONAN Murphy, went public on London’s Alternative Investment Market (AIM) this morning with a market cap of £37m (€43m).
t values Mr Murphy’s nearly 70% stake in the cybersecurity business at £26m (€30m).
Smarttech, which employs 114 people, has a number of blue-chip customers including bakery company Aryzta, Ervia, Laya Healthcare, ASL Aviation and Kerry Group.
Mr Murphy, 44, is the founder and CEO of the tech company, which has raised around £3.7million before IPO costs.
The IPO comes more than a year after Smarttech first planned to go public. It originally intended to list on AIM in 2021 via a reverse takeover involving Conduity Capital.
Mr. Murphy founded Smarttech in 2011. Managing Director is Raluca Saceanu (33) who joined the company in 2014. You own 4 percent of the company. Mr. Murphy’s salary at the firm is €170,000 per year, while Ms. Saceanu earns €130,000. CFO Nicholas Lee works just 2.5 days a week at Smarttech and earns 49,000 euros a year.
Smarttech’s other backers include Sure Valley Ventures and its co-investors. Sure Valley invested €1.25 million in the Irish company in early 2020. Smarttech completed a €10 million seed funding round in March this year, in which Sure Valley also invested.
Riverfort Global Opportunities owns 6.16 percent of Smarttech, while asset manager Premier Miton Group owns 3.8 percent.
“The Covid-19 pandemic has accelerated Smarttech247’s business growth due to the increasing number and complexity of global cyber threats, as well as the accelerated shift of enterprises to the cloud, including increased remote work,” Smarttech noted in its admission document.
In 2019, the company had a turnover of almost 3.7 million euros and a profit of 204,000 euros. Last year the turnover reached 7.2 million euros and it made a profit of 1.1 million euros.
It said its earnings in 2021 were 20 percent higher than projected earnings.
Smarttech intends to use £1m of the IPO proceeds to support expansion into new products and geographies, while £1.6m will be used for general working capital purposes. It will spend £200,000 of proceeds developing proprietary technology.
Ms Saceanu said this morning that the company’s admission to the AIM market is an “important milestone” for the company.
“The company intends to continue its growth both organically and through bolt-on acquisitions as appropriate, in a highly fragmented global cybersecurity market,” she said.
She added, “With the significant experience of our board and management team, we firmly believe we are well positioned to create shareholder value.”
Smarttech’s head office is in Cork, while it also has offices in Belfast, London, Krakow and Bucharest.
In 2021, Smarttech247 launched its first proprietary security software product, NoPhish, an automated managed phishing platform. This year it launched its new proprietary multi-tenant security platform, VisionX.
The company noted in its approval statement that the cyber threat landscape in many countries has become “increasingly risky” in recent years.
According to Mimecast, 2021 was the worst year on record for cybersecurity breaches.
https://www.independent.ie/business/london-flotation-of-corks-smarttech-values-firm-at-43m-42221299.html Cork-based Smarttech’s London IPO values company at €43m