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Overview

ActiveOps (AIM: AOM) is a leader in Management Process Automation (MPA), providing a SaaS platform to large enterprises with complex and often global back-offices. The Group’s software and embedded back-office operations management methodology enables enterprises to adopt a data-driven, scientific approach to organising work and managing capacity.

The Group has over 160 employees, serving its global customer base of approximately 80 enterprise customers from offices in the UK, Ireland, USA, Australia, India and South Africa. The Group’s customers are predominantly in the banking, insurance and business process outsourcing (BPO) sectors, including Nationwide, TD Bank, Anthem, Inc and DXC Technology.

The Group’s enterprise platform comprises Workware+, its MPA software platform, and AOM, the Group’s operations methodology and framework for effective back-office management. Together, this combination of software and embedded methodology enables operations managers to balance the competing priorities of meeting service and quality standards while improving productivity and reducing cost .

www.activeops.com

Directors

  • Sean Finnan (NE Chair): 30 yr’s sector experience. previously held senior roles at IBM, HP and EDS;
  • Richard Jeffery (CEO): Co-founder. 25 yrs’ sector experience in enterprise software and specialist management consultancy;
  • Patrick Deller (CFO): 15 yrs senior finance roles in tech sector including Cable & Wireless;
  • Michael McClaren (NED):CFO, FDM Group  plc. Ex COO/ FD Timeweave plc;
  • Hilary Wright (NED): NED Midwich Group plc. Ex HR Director Domino Printing Sciences plc.

Financials

P&L31 Mar 2021
£~000
31 Mar 2020
£~000
Revenue20,39420,402
Cost of Sales(3,725)(5,260)
Gross Profit16,66915,142
Loss for the Year8,992(530)
Balance Sheet31 Mar 2021
£~000
31 Mar 2020
£~000
Cash & Cash Equivalents16,6174,093
Total non current Liabilities(1.954)(10,386)
Current Liabilities(16,970)(15,189)
Total Assets29,43525,212

Peer Group

Major Shareholders

Directors
Richard Jeffery – 13.8%
Patrick Deller – 0.55%
Michael McLaren – 0.08%
Sean Finnan – 0.05%
Hilary Wright – 0.02%

Others
Canaccord Genuity Group – 7.9%
Neil Bentley – 7.1%
Calculus Capital – 6.1%
Schroders plc – 6.2%
BlackRock Inc – 5.8%

Macro Indicators

From the Group’s IPO Admission Document

…the customer base represents an addressable market in excess of £750 million in annual recurring revenue and which the Group is well placed to target.During 2020, the Covid-19 pandemic served to further increase the Group’s focus on these growth drivers. In particular, the mass move to home and distributed working has emphasised that many organisations do not have adequate data, insight and management processes to run operations safely and efficiently when the workforce is not co-located in an office. The Directors believe these dynamics will drive further demand for the Group’s products from its existing customer base, and by new customers.”

Media Coverage

Evening Standard (March 2021): ActiveOps floats on AIM as CEO says changing post-pandemic working habits pose opportunity for software firm

“Software provider to banks and insurance giants, ActiveOps, floated on AIM today under the ticker AOM with a market cap of around £119.8 million on admission. ActiveOps‘ SaaS management process automation platform is used by banks and services firms including Nationwide and Capita to help manage office operations and staff workflows.”

Shares Magazine (March 2021): Tech platform ActiveOps eyes IPO cash to solve UK productivity puzzle

“Institutions have thrown their backing behind London’s latest software initial public offering with Reading-based ActiveOps (AOM:AIM) due to join the junior AIM market on Monday, 29 March 2021. The IPO has raised £75.7 million after selling an approximate two-thirds stake in the business to new investors. That will give ActiveOps a market value of about £120 million, trumping the rough £100 million valuation touted in recent press reports that had implied about £50 million of cash would be raised.”

Broker Coverage

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