Calculus Capital portfolio company ActiveOps has completed a successful Initial Public Offering on the Alternative Investment Market, generating a 6x return for Calculus EIS investors.
Richard Jeffery, CEO of ActiveOps, said, “Calculus’s funding and their participation on the ActiveOps board has been central to our success, growing to having a client base of approximately 80 blue-chip organisations in more than 40 countries around the world, delivering annual revenues last year of £20m.”
ActiveOps, a leader in Management Process Automation, was admitted to trading on Alternative Investment Market this morning.
Calculus invested in ActiveOps in 2014, acquiring approximately 30% of the company’s equity. Today’s IPO placing price values Calculus Capital’s investment at nearly £30m.
Revenues have grown significantly since 2014, from £7m in the year to March 2015, to £20m in the year to March 2020. ActiveOps has built an installed base of approximately 80 customers and over 100,000 individual users across EMEA, North America, APAC and India.
Calculus has maintained a seat on the board throughout the last seven years and has supported the company through three acquisitions.
Following the listing, Calculus will retain 25% of its original holding, representing a 6% stake in ActiveOps.
Jeffery continued, “I am delighted that the positive response of the wider investment community at IPO means Calculus have seen an excellent return on that initial investment, but even more pleased that they have retained a stake in ActiveOps and will continue with us on this journey.”
The 75% stake delivers a £21m pay out to investors.
ActiveOps has placed 45 million shares with institutional investors, raising gross proceeds of £76 million for selling shareholders, including Calculus Capital. The placing price of 168 pence values the company at £120 million.
Richard Moore, Co-Head of Investments at Calculus Capital, said, “We are delighted to deliver this result to our investors. The company and its management have performed exceptionally well during our investment period, winning multiple new customers, enhancing the technology platform and expanding into new territories.”
Moore continued, “ActiveOps is now a leader in its field and is incredibly well-positioned in a large and attractive global market.”
