Infobank goes for float with AIM share sell-off

Software reseller Infobank has achieved a successful flotation, raising over #9 million, after releasing 33 per cent of the firm?s shares on the Alternative Investment Market (AIM).

The money will be used to expand its business in the UK and across Europe. The company is already in talks with dealers, with a view to striking up partnerships in Scandinavia and Germany.

Josef Pillai, MD and financial director at Infobank, said: ?This gives us the funds to expand under our own steam. The relationship with Tplc works well here so we need to do the same thing abroad.?

He refused to comment on whether other software resellers had made acquisitive approaches in the past year.

The Langley-based dealer also intends to expand its UK operation by recruiting 10 sales staff over the next three months.

Profits are said to be at least 18 months away, with the company turning over #18.4 million a year.

Infobank acts as the software sales arm for Tplc?s corporate accounts. The firm was set up in 1993 and has two subsidiaries: Infobank Software Sales and Infobank Electronic Commerce. It has the European rights to encrypt Microsoft, as well as ICL, Lotus and Corel?s business software.