Aberdeen Uni spin-out eyes £102m market listing

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A software company that uses technology developed at the University of Aberdeen is targeting a float on the Alternative Investment Market (Aim) this week in a move that will value the firm at £102.3 million.

Arria NLG specialises in “natural language generation”, which is a form of artificial intelligence that analyses complex sets of data to create reports that read as though they were written by a human. Its technology is already being used by the Met Office.

Chairman and chief executive Stuart Rogers said: “The increasing growth in ‘big data’ in recent years has led to the significant expansion of our target markets.

“Our Aim admission will give access to equity capital as needed and facilitate the recruitment of high calibre employees to help us fully meet the company’s many opportunities.”

Shares in the London-based company are expected to begin trading on Thursday.