Former WANdisco chief returns to stock market with IntelliAM listing
David Richards, who has been at the centre of a dispute with his former London-listed employer, is to help steer an AI company onto the junior Aquis market, Sky News learns.
Monday 17 June 2024 20:31, UK
The former boss of WANdisco, the data software group, is to return to London’s public markets at the helm of an artificial intelligence company focused on the consumer goods industry.
Sky News has learnt that IntelliAM, which is chaired by David Richards, is preparing to list on the junior Aquis exchange next month.
The company is working with Oberon, the corporate advisory firm, to raise roughly £5m to fund the company's expansion.
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A ten-day notice is expected to be filed with Aquis by IntelliAM as soon as this week.
Mr Richards, who left WANdisco prior to the emergence of a major fraud last year, was asked by its board to repay hundreds of thousands of pounds in bonus payments.
He rejected a series of requests to do so.
WANdisco has since been renamed Cirata, and is now led by Stephen Kelly, the former Sage Group boss.
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IntelliAM says it works with half of the world's ten leading food and drink companies, including the confectionery giant Mars, using machine learning to drive productivity improvements.
The company was founded in its current form last year.
IntelliAM declined to comment.
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