The London’ Stock Exchange’s AIM market is set to receive one last new member before the end of the year with the listing of AI SaaS firm Pri0r1ty.
The listing, which is set to conclude on 30 December, is taking place via a SPAC or special purpose acquisition company called Alteration Earth which announced its intention to acquire Pri0r1ty in June in a £13m deal, with a raise of £1m for general working capital. Alteration Earth will cancel the listing of its ordinary shares on the London Stock Exchange’s Main Market in favour of admission to AIM, under a renamed entity called Pri0r1ty Intelligence Group Plc.
The firm the thought to be the only AI Software-as-a-Service company to be quoted on AIM in 2024. The listing comes amid a turbulent time for the London Stock Exchange that has seen far more companies exit than join the market over the course of the past year.
Pri0r1ty CEO James Sheehan told UKTN: “A lot of people are saying, ‘the markets are tough, why are you guys coming?’”
“We spent our entire careers in the UK capital markets. It’s built us as professionals and as young men — we’re both working class London lads.
“I think it would be a real shame if we got a really cool tech company and said, ‘we’re going to keep this private’…our story’s always been about inclusivity, it’s about bringing people into the story and sharing that upside and that’s the essence of the UK capital markets.”
Pri0r1ty founder and major shareholder Dan added: “I’m very much a contrarian.”
“It has been a very tough small cap capital market environment since January 2022. I’m a big believer that that doesn’t last forever and whether the market is efficient or inefficient it’s cyclical if nothing else.
“Things will start to recover because ultimately you see an awful lot of companies that are leaving the market but there’s still an awful lot of value there as well, and that’s been demonstrated at the moment with the amount of M&A activity that’s happening.”
Pri0r1ty has developed an AI-powered Software-as-a-Service (SaaS) platform to deliver services including social media management, investor relations and corporate governance after identifying a specific need among SMEs for simpler ways to boost productivity through AI.
The company has built a bespoke AI-powered advisory bot that uses deep learning and can engage investors, customers or stakeholders either on a website, Instant Messenger (IM) or email server. Pri0r1ty will collect data on customer interactions to enrich the language model and build community interest maps that power content creation and additional support services.
Pri0r1ty said it has over 20 SME customers signed up in the first six weeks of product launch and with a prospects list from both private and public SME’s ready to start using its software.
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