Formerly bootstrapped company raises capital for first time to expand technology, offices in London and New York
NEW YORK – Adgorithms Inc., (LSE: ADGO), a provider of artificial intelligence (AI) solutions for programmatic advertising, announced the successful admission of its 61,698,853 ordinary shares to the Alternative Investment Market (AIM) of the London Stock Exchange, trading under the ticker “ADGO” (ISIN: IL0011354904). The pricing of Adgorithms’ initial public offering (IPO) at 133 pence ($2.03) per ordinary share provided the company with a total market capitalization of approximately £82.1 million (approximately $127 million USD). The company will use the raised capital to expand its global presence and widen the technology gap between competitors’ products and Adgorithms’ self-driving advertising solution, which allows businesses of any size to harness a software-as-a-service (SaaS), fully autonomous solution that delivers immediate results and continues to improve over time.
Machine intelligence is generating shareholder value in many fields: finance, transportation, manufacturing, defense and logistics, among others
The offering raised £27.0 million (approximately $42 million USD) before expenses through the placing of 20,300,751 shares, comprising 16,541,353 new shares and 3,759,398 existing shares. Liberum is acting as Nominated Adviser and Broker, Hirsch-Falk & Co. is acting as Israel counsel, and Berwin Leighton Paisner LLP is acting as U.K. counsel. Adgorithms is highly profitable and cash generative with a blue-chip client base, which helps validate the effectiveness of its technology.
Adgorithms’ proprietary, AI-based, algorithmic software platform, Albert™, enables the automation and optimization of online display, mobile, video and social advertising campaigns. Albert ensures campaigns run efficiently by analyzing advertising opportunities and determining the correct price to pay per impression, which results in targeted placement and maximized return on investment for advertisers. One of the most accessible, cost-effective, efficient and scalable software solutions in the online advertising sector, the Adgorithms technology adapts and updates according to consumer behavior patterns and market changes.
“Machine intelligence is generating shareholder value in many fields: finance, transportation, manufacturing, defense and logistics, among others,” said Or Shani, founder and CEO of Adgorithms. “The support shown by institutional investors is a strong endorsement of our technology, business model and future growth prospects as we continue to democratize access to ‘self-driving’ advertising for any size campaign or company.”
About Adgorithms Inc.
Adgorithms Inc. develops artificial intelligence (AI) to deliver a self-driving programmatic media-buying platform for online display, mobile, video and social advertising campaigns worldwide. Founded by passionate industry veterans, Adgorithms’ team is constructed of specialists in the fields of AI, big data analysis, applied math and behavioral sciences to continually refine its patent-pending predictive technology and increase automations for marketers. Adgorithms democratizes access to self-driving advertising that is optimized by machine intelligence for any size campaign or company. The company is headquartered in Tel Aviv, with a sales and marketing office in New York. Visit us on Facebook or Twitter, and follow us on LinkedIn.
via BusinessWire
