The London Stock Exchange’s AIM market is set to welcome its final new member by the end of the year with the listing of AI SaaS company Pri0r1ty.
The listing is due to complete on December 30th and will be done through a SPAC or special purpose acquisition company called Alteration Earth, which announced its intention to acquire Pri0r1ty in a £13m deal in June, and is expected to complete its general labor announced a £1 million pay rise. capital. Alteration Earth will support its entry into AIM under a renamed entity, Pri0r1ty Intelligence Group Plc, and will cease listing its ordinary shares on the main market of the London Stock Exchange.
The company is believed to be the only AI Software-as-a-Service company to be listed on AIM in 2024. The listing comes at a tumultuous time for the London Stock Exchange, with far more companies exiting the market than entering. course for the past year.
Pri0r1ty CEO James Sheehan told UKTN: “A lot of people are saying, ‘The market is tough, so why are you guys coming?'”
“We have spent our entire careers in the UK capital markets, which has shaped us as professionals and as young people. We are both working-class young people from London.
“I think it would be a real shame if you bought a really great technology company and you said, ‘This is going to be private.’…Our story has always been about inclusivity, and we want people to be part of the story.” ‘It’s important that we share the benefits and the advantages that we have.’ That’s the essence of the UK capital market. ”
“I’m very much a contrarian,” added Dan, Pri0r1ty’s founder and majority shareholder.
“Since January 2022, the small cap market environment has been very challenging. I strongly believe that it is.
“Even though we will eventually see so many companies exiting the market, there is still so much value out there and that is evidenced by the amount of M&A activity that is happening at the moment. , the situation will start to improve.”
After identifying the specific needs of small and medium-sized businesses looking for an easy way to leverage AI to increase productivity, Pri0r1ty launched an AI-powered company that provides services such as social media management, investor relations, and corporate governance. We developed a Software-as-a-Service (SaaS) platform that leverages
The company uses deep learning to build bespoke AI-powered advisory bots that can engage with investors, customers, or stakeholders on either their website, instant messenger (IM), or email server. I did. Pri0r1ty collects data about customer interactions to power language models and build community interest maps that power content creation and additional support services.
Pri0r1ty said more than 20 small business customers have signed up in the first six weeks of product launch, and a list of private and public small business prospects is ready to start using its software. .
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