Big Sofa Readies for AIM Floatation

London-based video analytics tech platform Big Sofa is preparing to float on the London Stock Exchange's AIM sub-market for smaller growing companies, in order to raise funds for expansion into the US market.

Originally known as The Insight Exchange Partnership, Big Sofa was founded in 2009 by former Research International CEO Simon Lidington (pictured) and organisational psychology specialist Matt Lynch, and offers a platform which allows users to upload, edit, analyse and share video and other digital content. Last year, the firm launched a crowdfunding initiative, with the aim of raising £700k in exchange for a 10% equity stake in the company; and earlier this year, it announced it was preparing to open its first office in the US. The business currently employs 33 staff between London and the US, and plans to have a headcount of 20 in the US by the end of 2017.

At the end of November investment vehicle HubCo entered into an agreement to acquire approximately 99.9% of the issued share capital of Big Sofa for a purchase price of £4.146m, as part of a reverse takeover bid. At the time of the announcement, HubCo Investments said it would be renamed Big Sofa Technologies Group PLC ahead of the admission. Through the admission to the AIM, Big Sofa is hoping to raise £6.1m, valuing the company at around £10m on the placing price of £0.17 per new ordinary share. Trading will begin at 8am on 19 December, when Lidington has been invited to ring the bell at the Stock Exchange. In a statement, Lidington said Big Sofa's listing on the AIM will provide the means to accelerate the firm's growth ambitions, both domestically and internationally.

Web site: www.bigsofa.co.uk .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.