Mission Testing seeks £40m AIM float

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The Independent Online

Mission Testing, a provider of software-testing and consultancy services, is to seek a listing on the Alternative Investment Market next month with an expected valuation of about £40m.

Mission Testing, a provider of software-testing and consultancy services, is to seek a listing on the Alternative Investment Market next month with an expected valuation of about £40m.

The company plans an initial public offering of about 25 per cent of its stock to raise £10m. The float on AIM is to be underwritten by Investec Henderson Crosthwaite.

Tony Wells, chief executive of Mission Testing, said: "The proposed flotation will provide the funds to accelerate our growth and consolidate our market position. The fund-raising will also enable us to expand into attractive new markets in continental Europe and the US and to consider the acquisition of complementary software-testing businesses wherever we operate."

The company's testing base is made up primarily of major companies in the banking and finance, technology and telecoms sectors. Mission provides clients with software-testing expertise to aid risk management in the installation of new software applications.

Tony Wells and Peter Basterfield founded Mission in 1998. For the year to June, it earned pre-tax profits of £500,000 on sales of £6.1m.

The company has more than 100 contract and permanent software-testing consultants working on client projects and 24 staff based at its head office.

"It is no longer acceptable to use customers as unpaid testers of software systems," Mr Wells said. "Mission Testing has the expertise to test both traditional and e-commerce technologies, enabling clients to implement new software with confidence."

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