Admission to AIM and first day of dealings

RNS Number : 6760G

Big Technologies PLC

28 July 2021

 

28 July 2021

Big Technologies plc

("Big Technologies" or the "Company" and the "Group")

ADMISSION TO AIM AND FIRST DAY OF DEALINGS

Big Technologies plc, the UK-based, remote people monitoring technology company, is pleased to announce that admission of its entire issued and to be issued share capital, which together comprise an aggregate 288,475,082 ordinary shares of 1 pence each ("Ordinary Shares"), to trading on the AIM market of the London Stock Exchange will take place and dealings will commence at 8.00am today under the ticker "BIG" and ISIN number GB00BN2TR932.

At the placing price of 200 pence per share (the "Placing Price"), the Company raised gross proceeds in excess of £200 million. At the Placing Price, the Company's market capitalisation on Admission is approximately £577 million.

An AIM admission document is available on the Company's website, www.bigtechnologies.co.uk  

Zeus Capital acted as Nominated Adviser and Sole Broker on the Placing and IPO.

Sara Murray OBE, Founder and CEO of Big Technologies, said:

"This is a significant step in our growth journey and a special moment for all our staff, customers and stakeholders, to whom I am grateful for their hard work, loyalty and ongoing support.  We are proud to be providing another strong example of the UK's continued inventiveness in incubating global technology success stories and excited to begin our life as a public company.

We will continue in our mission to deliver the very best technologies to our customers, enabling safety for customers and communities around the world."

For further information please contact:

Big Technologies	[phone]
Sara Murray (Chief Executive Officer) Daren Morris (Chief Financial Officer)
Zeus Capital (Nominated Adviser and Sole Broker)	[phone]
Jamie Peel (Corporate Finance) Dan Bate (Corporate Finance) Benjamin Robertson (Equity Capital Markets)

About Big Technologies

Big Technologies is the parent company of Buddi, which was founded in 2005 by its current CEO, Sara Murray, following an initial idea to create a GPS device small enough for a child to carry. Today, Big Technologies is a proven supplier of innovative and high-quality products and services to the remote personal monitoring industry. Big Technologies provides products and services under a number of brand and trading names, with 'Buddi' being the most well-known and being used in respect of activities within the core criminal justice market. Big Technologies (under the buddi brand) has created a leading, integrated technology platform (including both hardware and software solutions) for remote monitoring of individuals, providing state-of-the-art Electronic Monitoring (EM) solutions on a SaaS-like, subscription basis. At the current time, Big Technologies' EM solutions are deployed principally within the criminal justice market. The Company's technology is highly flexible, and the core remote monitoring technologies could also be deployed into additional large markets, such as the healthcare market and the market for provision of care services.

Electronic Monitoring in the criminal justice sector involves utilising location technologies to remotely monitor and manage people at all stages of the criminal justice system. The Company's focus on the Criminal Justice market in the immediate term has been demand-driven, with significant opportunities created by a combination of favourable market tailwinds as electronic location devices are increasingly recognised as alternatives to imprisonment, and superior technological capability enabling the Company to meet this demand effectively.

Big Technologies' criminal justice solution has been iteratively developed over an 10-year period, utilising the knowledge of an experienced management team listening to customers.  The solution consists of a proprietary software platform with modular monitoring hardware, capable of being adapted to multiple applications. The Company's criminal justice solution is principally focussed around the "Buddi Smart Tag", an electronic monitoring hardware device, and "Buddi Eagle", the in-house developed cloud-based monitoring software. Collectively, the hardware and the intelligent tools integrated into Big Technologies' software enable real-time tracking of monitored individuals with high levels of accuracy and reliability. Buddi evidences a substantial reduction in false alerts when compared to competitor systems, which combined with the reduction in subsequent investigations can result in substantial cost savings for customers.

In addition to the high levels of accuracy, the Buddi Smart Tag has several key advantages over its competitors' devices. The tag is lighter, smaller, has longer battery life and offers a simple, contact free and shorter installation process, providing substantial staff cost savings for customers. This superior product design, coupled with the intelligent monitoring software, typically comes at a small price premium to competitor devices, however, the overall effectiveness and reliability of the solution, combined with the substantial cost savings delivered as a result of reduced monitoring costs have helped Big Technologies deliver strong revenue growth from both existing and new customers. The Company leases its devices and software solutions to customers typically based on daily or monthly rates.

 

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