Adgorithms Announces Completion of Initial Public Offering on London Stock Exchange
Formerly bootstrapped company raises capital for first time to expand technology, offices in London and New York
Adgorithms Inc., (LSE: ADGO), a provider of artificial intelligence (AI) solutions for programmatic advertising, today announced the successful admission of its 61,698,853 ordinary shares to the Alternative Investment Market (AIM) of the London Stock Exchange, trading under the ticker “ADGO” (ISIN: IL0011354904). The pricing of Adgorithms’ initial public offering (IPO) at 133 pence ($2.03) per ordinary share provided the company with a total market capitalization of approximately £82.1 million (approximately $127 million USD). The company will use the raised capital to expand its global presence and widen the technology gap between competitors’ products and Adgorithms’ self-driving advertising solution, which allows businesses of any size to harness a software-as-a-service (SaaS), fully autonomous solution that delivers immediate results and continues to improve over time.
The offering raised £27.0 million (approximately $42 million USD) before expenses through the placing of 20,300,751 shares, comprising 16,541,353 new shares and 3,759,398 existing shares. Liberum is acting as Nominated Adviser and Broker, Hirsch-Falk & Co. is acting as Israel counsel, and Berwin Leighton Paisner LLP is acting as U.K. counsel. Adgorithms is highly profitable and cash generative with a blue-chip client base, which helps validate the effectiveness of its technology.
Adgorithms’ proprietary, AI-based, algorithmic software platform, Albert™, enables the automation and optimization of online display, mobile, video and social advertising campaigns. Albert ensures campaigns run efficiently by analyzing advertising opportunities and determining the correct price to pay per impression, which results in targeted placement and maximized return on investment for advertisers. One of the most accessible, cost-effective, efficient and scalable software solutions in the online advertising sector, the Adgorithms technology adapts and updates according to consumer behavior patterns and market changes.
“Machine intelligence is generating shareholder value in many fields: finance, transportation, manufacturing, defense and logistics, among others,” said Or Shani, founder and CEO of Adgorithms. “The support shown by institutional investors is a strong endorsement of our technology, business model and future growth prospects as we continue to democratize access to ‘self-driving’ advertising for any size campaign or company.”
Source: BusinessWire – Adgorithms Announces Completion of Initial Public Offering on London Stock Exchange
