FreeAgent looks to float

FreeAgent looks to float

Edinburgh-based accountancy software firm FreeAgent has announced plans to float on the Alternative Investment Market (AIM).

FreeAgent is a provider of cloud-based Software-as-a-Service accounting software solutions and mobile applications designed specifically for UK micro-businesses and their accountants.

The company hopes a flotation will help raise funds to accelerate product development, scale-up customer acquisition and repay existing debt.

Ed Molyneux, CEO of FreeAgent, said: "Developed specifically for micro-business, FreeAgent provides these businesses with a dedicated SaaS solution that has the depth of functionality to cater for all of their business finance requirements, from time slips to tax returns and quality after-sales support.

"FreeAgent's software already helps 52,000 business owners, providing the group with excellent revenue visibility. FreeAgent's differientated product puts businesses in charge of their finances, allowing them to see the big picture and automatically generating their tax returns.

"We believe that the proposed Placing and Admission to AIM will provide the springboard necessary to help us accelerate our growth and to attract more customers through both our direct and accountancy practice channels, introducing the benefits of FreeAgent to thousands of other businesses."

The company has appointed Andy Roberts as non-executive chairman ahead of its listing. Andy led The Innovation Group plc from 2009 until its sale to Carlyle Group in 2016 for £500m.