Tech Barometer: AIM. Technology companies on AIM raise over 1.2 billion in February PRECISE. PROVEN. PERFORMANCE.
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1 Tech Barometer: AIM Technology companies on AIM raise over 1.2 billion in 2017 February PRECISE. PROVEN. PERFORMANCE.
2 Tech Barometer: AIM Technology companies on AIM raise over 1.2 billion in 2017 Introduction The average enterprise value of a technology company on the Alternative Investment Market (AIM) at 31 December 2017 was 111m a 24.9% increase from 30 June 2017, and a 50% increase in the year. The increase in value in the last six months has been driven by all sub-sectors, with hardware companies increasing by 16% (56% in the last year), support services 56% (89% in the last year) and software by 20% (42% in the last year). This compares with the FTSE AIM All-share index increasing by 24% in the last year and the FTSE All-Share index by 9%. Dougie Hunter, Director at Moore Stephens, comments Over 1.2bn has been raised by technology companies on AIM in 2017 this is four times as much as The majority of funds have been raised from secondary issues ( 1.1bn) but there are encouraging signs on the IPO side with seven in the second half of 2017, compared with just one in the first six months of the year. There is no doubt that the ability of companies to raise significant levels of secondary funds has been one of the factors for the increase in the number of technology IPOs. Another, is the prices that have been paid with values of technology companies on AIM increasing by nearly 25% in the last six months and 50% compared with the start of the year. Technology companies will likely continue to be attracted to AIM in 2018 although it is unlikely that the sector can generate the same overall increase in values as seen in The infographic overleaf summarises our detailed research into the activities of technology companies trading on the AIM in the six months ended 31 December Key findings There were seven tech IPOs on AIM, raising 114m, in the six-month period to 31 December 2017 compared with only one in the first half of the year. Over 810m was raised from secondary fundraisings in the six-month period to 31 December 2017 this was more than in the previous two years combined and includes the five largest individual company fundraises since An increase in revenue valuation multiple to 2.33x. An increase in the overall EV/EBITDA valuation multiple to 13.6 with a significant increase in electronics companies to The number of technology companies on AIM has increased from 166 to 168 with IPOs outnumbering delistings and acquisitions.
3 Technology companies on AIM six months ended 31 December 2017 IPOs 7 Secondary fundraisings m Raised in six months ended 31 December m 114m Raised in six months ended 31 December m 95m 75m
4 Technology companies on AIM six months ended 31 December 2017 Enterprise values (EV) 111m* EV/revenue multiples 2.33* 24.9% 2.72x Increase in six months ended 31 December % 2.49x 16% 56% Support services *Average Telecoms Support services 2.57x 1.75x *Median
5 Technology companies on AIM six months ended 31 December 2017 EV/EBITDA multiples 13.6* 2.25% Increase in six months ended 31 December 2017 Electronics Support services Telecoms * Median based on latest available financials to 31 December 2017 and companies with positive EBITDA. AIM tech companies Telecoms 18 Electronics 24 Support services 15 Other
6 Case study: Our work with ICSA Boardroom Apps Limited The Moore Stephens Corporate Finance team has advised the Institute of Chartered Secretaries and Administrators (ICSA) on the sale of its majority shareholding in ICSA Boardroom Apps Limited, owner of BoardPad one of the leading board collaboration software products, to Diligent Corporation. Moore Stephens acted as the exclusive financial adviser to ICSA, providing potential sale options and leading subsequent negotiations. Following agreement of terms with Diligent, Moore Stephens worked alongside all parties and their advisors, managing the transaction through to completion. This was a quality performance by the Moore Stephens M&A team, including Ish Alg, Brian Keane and Chris French, for which ICSA is profoundly grateful. Simon Osborne FCIS, Chief Executive, ICSA
7 About Moore Stephens Moore We help Stephens you thrive in in a changing the UK world. Moore Stephens is the UK s 9th largest independent accounting and consulting network, We provide comprising all the over support 1,300 partners and and staff in 34 locations. guidance you need to deal with new risks and opportunities. Our objective is simple: to be viewed by clients We ensure as the first easy point-of-contact access to the for all their financial, right people, advisory so and decisions compliance can needs. be We achieve made this quickly by providing and confidently. sensible advice A and tailored consistent solutions team to help will clients partner achieve with their commercial and personal goals. you to support your aspirations and Clients contribute have access to your to a range success. of core and specialist services including audit and tax compliance, You ll have business access and to personal a range tax, of trust and core estate services, planning, including wealth management, audit, IT consultancy, governance and risk, business accounting, tax, risk and systems support and outsourcing, corporate finance, assurance, corporate finance, corporate recovery and forensic accounting. restructuring and insolvency, Our wealth success management stems from our industry and disputes focus, which analysis. enables As us a to Top provide 10 accounting an innovative and personal service to our clients in our niche and advisory network we support markets. Specialist sectors include charities & a broad range of individuals and not-for-profit, education, energy & mining, family entrepreneurs, offices, financial large services, organisations healthcare, hotels and complex & leisure, insurance, international pensions, professional businesses. practices, public sector, real estate, shipping, social housing, sports and technology & media. If your business and personal interactions need to expand, we ll help make it happen coordinating advice from a network of offices throughout the UK and in more than 100 countries. Contact information If you would like further information on any item contained within this report please contact us. Mark Ayres Partner, Head of Technology T +44 (0) M +44 (0) mark.ayres@moorestephens.com Damian Ryan Partner, Corporate Finance T +44 (0) M +44 (0) damian.ryan@moorestephens.com Dougie Hunter Director, Corporate Finance T +44 (0) M +44 (0) dougie.hunter@moorestephens.com Moore Stephens LLP, 150 Aldersgate Street, London EC1A 4AB T +44 (0) We believe the information contained herein to be correct at the time of going to press, but we cannot accept any responsibility for any loss occasioned to any person as a result of action or refraining from action as a result of any item herein. Printed and published by Moore Stephens LLP, a member firm of Moore Stephens International Limited, a worldwide network of independent firms. Moore Stephens LLP is registered to carry on audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales. Authorised and regulated by the Financial Conduct Authority for investment business. DPS39256 January 2018
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