As expected Brokat AG has announced it will make its initial public offering on Germany’s Neuer Market in mid-September. The company makes a financial and banking software middleware suite called Twister, which -incorporating strong encryption – enables companies such as banks to create electronic banking applications that link bank end systems securely to customers across the internet, as well as brokerage systems. The company, which currently makes 35% of its sales outside of Germany, plans to use money raised from the IPO to expand into Asia and the US, where it already has offices in Singapore and Atlanta respectively. Since opening its office in Atlanta in the first quarter of this year, Brokat has yet to record any US sales and has no plans to follow its German IPO with a US stock flotation. Brokat did not reveal the volume of shares it will float or at what price, but Paribas and Dresdner Kleinwort Benson banks will oversee the IPO on the Neuer Markt and the founders and present members of the Board will retain shareholding majority after the flotation.
