London-based financial sector IT services and software company, Terence Chapman Group, has published documents ahead of its flotation on the London Stock exchange scheduled for early to mid-July. The company, which trades through its two wholly-owned subsidiaries, TCA Consulting and TCA Synergo, expects to be valued at around ú80m ($127.8m) and plans to raise ú12m ($19.2m) from the issue of new shares.
Fifteen percent of the 60% of TCG shares owned by executive chairman Terry Chapman and venture capitalist Thompson Clive Investment will be sold to institutional investors. The flotation will leave around 25% of the company in employee hands, according to a TCG spokesperson.
Terry Chapman said TGC was eyeing acquisitions of software and services companies in the financial services sector, particularly in the asset management and retail banking areas. The company is also looking at establishing a base in Frankfurt, Germany, where it already has a contract with Commerzbank AG.
TGC currently generates up to 15% of its revenue in continental Europe and its medium and long-term strategy includes seeking greater penetration of the non-UK European and US markets. But Chapman ruled out diversification beyond the financial services market. We have benefited a lot from out exclusive market focus, he said.
The larger financial services companies have a budget of over $1.6bn, they could spend our entire group revenue on a single product so it’s not short of market potential, he added.
