News Column

Digital Advertising Firm Crossrider To Raise USD75 Million In AIM IPO

September 1, 2014

Hana Stewart-Smith

LONDON (Alliance News) - Digital advertising company Crossrider Ltd said Monday it plans to make an initial public offering on London's AIM market to raise new equity capital to expand its business.

The company said it expects to raise gross proceeds from the sale of new shares of USD75 million through the offer to institutional and professional investors. No secondary offering of shares belonging to existing shareholders is planned, it said, adding that the executive team will invest alongside new shareholders as part of the IPO.

The money will be used to build the company's footprint via acquisitions, and make selective investment in research and development and its operations.

Crossrider specialises in the analysis of big data to identify user-relevant advertising, and has both web and mobile platforms which generate big data. It said it has delivered relevant adverts to 150 million users by August, up from 90 million as of January.

In the first half of 2014, the company saw adjusted earnings before interest, tax, depreciation and amortisation of USD7.7 million on revenue of USD29.3 million.

"Crossrider's use of big data provides a highly efficient and effective advertising methodology that benefits all elements of the value chain - from advertiser through to agency, to publisher to consumer," said Chief Executive Koby Menachemi in a statement. "This is a rapidly growing marketplace, with mobile driving the growth. Crossrider aims to be at the forefront of this market."

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Source: Alliance News

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