Fieldfisher advises govtech provider Made Tech on AIM IPO
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Fieldfisher Manchester is advising technology services company Made Tech on its admission to trading on the London AIM market, a move designed to help the company develop its business.
Founded in 2008, Made Tech provides digital, data and technology services to the UK public sector, enabling central government, healthcare and local government organisations to digitally transform their operations, by modernising their technology and organising and analysing their data.
Its customers include the Ministry of Justice, the Department for Education, HMRC and the DVLA. The company has more than 240 employees working in London, Manchester, Bristol and Swansea.
The market for public sector digital transformation services is expanding rapidly, driven by the UK public sector IT industry's moves to disaggregate contracts to the benefit of smaller and more focused companies.
According to statistics published by the Crown Commercial Service's Digital Future team, in the financial year ended March 2021, spending by the UK central government on digital transformation totalled £3.15 billion.
A forecast from specialist venture capital firm Public.io predicts the UK 'govtech' market will reach £20 billion (and $400 billion globally) by 2025.
The Company is seeking to raise £15 million (before expenses) on its admission to AIM, which is expected to take place on 30 September, and sell £70 million worth of existing shareholders' shares, giving Made Tech a market capitalisation of £180 million.
Its AIM IPO will support Made Tech's strategy to achieve sustained revenue, profit and cash flow growth by providing the capital to expand the group's capabilities, build out regional hubs and grow market share in the health, local government and central government sectors, and repay bank debt.
Fieldfisher Manchester corporate partner David Bowcock, who is leading the Fieldfisher team advising Made Tech on its IPO, said:
"We are delighted to be working with a rapidly growing business with a strong Manchester presence and wider UK footprint on its plans to float and embark on the next phase of its growth.
"The IPO market has been very buoyant this year and Manchester is increasingly recognised as a leading centre for UK capital markets expertise for companies seeking a listing."
Singer Capital Markets and Berenberg are acting as joint brokers and Crowe as reporting accountants on the IPO.