Vicorp a software company which designs programmes for the telecommunications sector, is to float on AIM and is expected to raise £1.5m.
The company is using AIM to raise working capital, as well as a major new deal which it has recently signed with Barclays Bank.
Vicorp has announced that it has made a framework agreement with the bank which will see it developing Barclay’s voice application systems over the next two years.
The company is led by Brendan Treacy and the management team is comprised of non-executive chairman Timothy Hearley as well as chief technology officer Paul Mellor, Lee Cottle the chief operating officer and Martinus Johannes Maria van der Weegh who is the finance director.
Treacy will have a 38.73% stake in the business while Arc Fund Management has bought a 9.2% share, the broker SVS Securities has 3.99 and Hargreaves Hale has taken 3.2%. A further placing of shares is expected to take place when the company begins trading on the market.
SVS Securities is also acting as the company’s broker as well as being a shareholder and Zimmerman Adams International is the nominated adviser.
The company will make its initial public offering (IPO) on June 12, 2007.
© Crimson Business Ltd. 2007
