Israeli co Adgorithms raises $42m in London IPO

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The Tel Aviv based company provides artificial intelligence solutions for digital ads.

Israeli company Adgorithms Inc. has raised $42 million at a company value of $127 million on the London Stock Exchange's secondary Alternative Investment Market (AIM). The Tel Aviv based company, which will trade under the ADGO ticker, provides artificial intelligence (AI) solutions for digital advertising.

The company will use the raised capital to expand its global presence and widen the technology gap between competitors products and its 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.

The offering raised 27 million ($42 million) before expenses through the placing of 20,300,751 shares, comprising 16,541,353 new shares and 3,759,398 existing shares. Liberum acted as nominated adviser and broker, Hirsch-Falk & Co. acted as Israel counsel, and Berwin Leighton Paisner LLP acted as UK counsel. Adgorithms said that it 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. Adgorithms founder and CEO Or Shani said, Machine intelligence is generating shareholder value in many fields: finance, transportation, manufacturing, defense and logistics, among others. 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.

Published by Globes [online], Israel business news - www.globes-online.com - on June 11, 2015

Copyright of Globes Publisher Itonut (1983) Ltd. 2015

 
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