| Subex Azure floats on LSE |
| Written by Business Weekly | |
| Wednesday, 14 March 2007 | |
|
Ipswich telecoms software company Subex Azure has listed on the London Stock Exchange, raising around £90m.
The Bangalore headquartered company, which acquired Suffolk revenue assurance software specialist Azure for £78m in 2006, plans to use part of the proceeds to fund the recently announced acquisition of Syndesis for $164.5m. Syndesis develops operational support software for telecoms companies. The admission of Subex's foreign currency convertible bonds and global depository receipts (GDRs) to trading on the LSE's Professional Securities Market was announced today. The London listing will replace the company's Luxembourg listing. Subash Menon, founder chairman, managing director & CEO of Subex Azure said: "To be listed at the London Stock Exchange represents an important milestone for Subex Azure. We are delighted that international institutional investors continue to support our business strategy and its capital raising plans." Azure was spun out of BT's research capus at Adastral Park in Ipswich and nursed in the now defunct Brightstar incubator. The company was part of the first raft of ventures to be backed as part of a new commercialisation deal agreed between BT and New Venture Partners. Subex Azure now has the largest installed base of fraud management systems in the world. It went public in 1999 and its shares are listed in India, on the Mumbai, Bangalore and National Stock Exchange in addition to its new London listing. |
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