Timico Technology Group is set to float on the London Stock Exchange’s Alternative Investment Market (AIM).
Trading on AIM is expected to commence on Friday 30th May 2014, with the flotation expected to value the rapidly-expanding Timico at approximately £55m once listed.
Timico will raise around £15m from investors at the flotation, which it will use to strengthen its service offering to customers through the acquisition of smaller ICT service providers within Timico’s four core competencies: Cloud and Hosting, Managed Networks, Unified Communications and Mobile Services. Investment will also be given to the core network to upgrade and expand data centre capacity.
Tim Radford, CEO of Timico, said: “Our flotation on AIM will help us double the size of the Company within the next few years. We have a successful track record of acquisitions, having made seven to date, all of which have enhanced our service offering and extended Timico’s geographical coverage.
“Timico is well positioned in a growing market: its strength in network provisioning and investment into data centre assets puts the Company in a strong position to benefit from the rapid growth in cloud services. This in turn means that we will be able to provide the very best services for our customers.”
Tim Radford founded Timico in 2004 after selling Project Telecom to Vodafone for £162m. He founded Project Telecom in 1987 with £0.4m seed capital, managing the Company through its flotation in 2000, before growing its revenues to £330m and securing its sale.
Timico specialises in providing a full set of converged communications solutions, including managed data networks, telephony services (including VoIP), mobile services (including 4G) and cloud and data centre services including managed hosting, IaaS and virtualisation.
Timico has invested £5m in building its own 144 rack capacity data centre at its headquarters in Newark, while its core 10Gbps resilient IP data network provides uncontested access and superior functionality. Key customers include Travis Perkins, Jimmy Choo, Informa, Stroke Association, Mitsubishi Motors and the BMA.
For the year-ending 31st December 2013, revenue at Timico grew 10.4% to £42.5m, with profits rising an impressive 32.4% to £4.9m in the same period. Funds raised at IPO will enable Timico to capitalise on its scalable business model, providing additional opportunities for organic growth and further acquisitions.