THE internet gambling software firm behind UltimateBet and UltimatePoker is to raise up to £75 million in an AIM flotation valuing the company at more than £150 million, The Times has learnt.
Excapsa Software, of Toronto, is pursuing a London flotation in an effort to raise its profile internationally, provide capital for acquisitions and technology development and pay off a small amount of debt. Trading in the shares is due to start next Thursday.
The group, which is being advised by Cannacord Adams, announced plans for a listing last July after successful flotations by bigger rivals such as Empire Online and PartyGaming. However, the subsequent volatilty of internet gaming stocks served to delay its plans.
Excapsa was founded by Jim Ryan, its president and chief executive, who has worked for several internet gambling software companies. From 2002 to 2004 he was chief financial officer of CryptoLogic, a Toronto-listed firm, overseeing the listing of its shares on the London Stock Exchange.
The non-executive directors include Norman Inkster, a former commissioner of the Royal Canadian Mounted Police and president of Interpol.
Advertisement
Excapsa, which licenses its poker software to companies such as eWorld Holdings, which operates UltimateBet.com and UltimatePoker.com, declined to comment.