Saas technology firm, itim Group Limited, has announced its intention to float on London’s AIM market.
The company is looking to raise between £10m and £12m to take advantage of the “structural shifts” in the retail sector following Covid-19 to fund its next stage of growth.
Itim has grown its annual recurring revenue by 55 per cent since 1 January 2018. The company said it enables store-based retailers to optimise their businesses to improve financial performance and effectively compete with online competitors.
Its omnichannel retail platform already serves more than 60 established brands in the UK and internationally.
The Directors believe only two primary business models will persist in retailing going forward: the online business model, which is widely recognised, and the omnichannel business model.
itim’s product, The Retail Suite, is an omnichannel platform that can be adopted by retailers, allowing them to compete with pure-play online competitors, in the new consumer commerce environment.
itim offers a subscription (SaaS) omnichannel model, which the Directors believe, allows retailers to enter the world of omnichannel retailing faster and at much lower cost than if they were to explore the option themselves.
WH Ireland will act as Sole Broker and Nominated Advisor for the admission, which is expected to take place on 29 June.
Ali Athar, Chief Executive of itim Group, said: “Our firm belief is that if bricks-and-mortar retailers are to compete in a post-Covid world, they will need to operate a best-in-class omnichannel service. It is the only way they will be able to withstand the domination of pure online retailers and regain market share through using their store estates to their competitive advantage and improving profitability.
“We have enjoyed strong, consistent growth in recurring revenues. Underpinned by the strength of our customer proposition, and benefiting from market trends that we believe have accelerated as a result of the Covid-19 pandemic, we have a clear strategy to continue this growth over the coming years.”
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