Arria NLG, a software spin-out of the University of Aberdeen, has set the date for its floatation on the Alternative Investment Market (AIM).
Previously reported as by the end of November, the company will now begin its initial public offering on Thursday this week, which should value the company at £102.3m ($167.45m).
Aberdeen still maintains a 5% stake in the automated writing developer, which includes UK weather services the Metoffice amongst its customers, while its four founding members retain a 17.5% share in the company.
Stuart Rogers, Arria chairman and chief executive, said: “The increasing growth in ‘big data’ in recent years has led to the significant expansion of our target markets. Our AIM admission will give access to equity capital as needed and facilitate the recruitment of high calibre employees to help us fully meet the company’s many opportunities.”
