Information technology networks provider, Calyx Group, hopes to raise €10 million on the London Stock Exchange to fund a planned expansion, the company announced yesterday.
Calyx provides voice and data information technology systems for businesses throughout the island of Ireland. Its clients include a number of leading financial institutions and Government departments and agencies.
The group said yesterday that it planned to float around 30 per cent of the company on London's Alternative Investment Market (AIM), the exchange favoured by developing businesses.
Chairman and chief executive, Mr Maurice Healy, told The Irish Times that the group expects to raise about €10 million from the flotation. This would value the business at over €30 million.
London-based Evolution Securities, which has worked on a number of other Irish flotations and share placements, is acting as both nominated adviser and broker to the company.
Last year Calyx had consolidated revenues of €32.4 million. Its earnings before interest, tax, depreciation and amortisation (EBITDA) stood at €3.5 million. Its chief executive said the group was confident about its prospects for the current year.
The company provides and manages complete IT and telecommunications networks for its clients. "Our skills are the services that we provide," Mr Healy said.
He explained yesterday that that the group intended to use the money raised to expand its existing technical, sales and marketing resources.
"The admission to AIM will provide significant opportunities for the expansion of our service activities, particularly in the area of centralised remote information and communications technology management," he said.
Calyx is developing a network operating centre, which will provide a hub from which it can service its clients and manage their networks.
Mr Healy said that this would allow it to take greater advantage of the fact that many organisations outsource the supply and management of their voice and data networks. "That is the direction that the business is taking," he said.
"As soon as we have consolidated that, we will look at the possibility of making acquisitions. We have always been an acquisitive company and we have plenty of experience."
Mr Healy added that the company would look at targets in both voice and data. From next year, Calyx intended expanding into the UK and possibly the continent. He indicated it could do this through buying businesses operating in those markets.
Calyx is headquartered in Dublin with regional offices in Cork and Limerick. It employs over 170 people.
Its other executives are finance director, Mr Gerard Coakley, who manages its voice communications business, and executive director, Ms Judith O'Brien, who is responsible for its data business.
Mr Healy co-founded the business in 1989. From 1997 to 2001, he was group managing director of its parent Alphyra.
In early 2002, that company sold what is now the Calyx business to a management buyout team led by Mr Healy.
