Tech firm to raise £13m as it gears up for flotation

By GARETH MACKIE
Published on 11/02/2013 09:03

Digital Globe Services (DGS), an American technology company that has a Scots-born finance director, is seeking to raise £13.1 million by floating on the Alternative Investment Market (Aim) this week.

The firm, which runs websites to help companies such as US cable giants Comcast and Time Warner win new customers, said the flotation was aimed at raising its profile and giving it the funds to expand into the Asia Pacific, Europe and Latin America.

Denver-based DGS was founded in 2008 by cable industry veteran Jeff Cox and its finance director is Bruce Casely, who has previously held senior roles at Bank of Scotland and brewing group Scottish & Newcastle.

The group has launched a share placing to raise £13.1m as part of its flotation plans, which will give it a market value of about £47.2m.

Cox, the firm’s chief executive, said: “We are pleased with the level of interest in DGS from UK investors and, as a profitable cash-generative business, we look forward to creating shareholder value as a public company.”

Shares in DGS are expected to begin trading on Aim on 14 February.