Financial Objects Plc, the Birmingham, UK-based banking software company founded by software entrepreneur Roger Foster in 1995, is set to float on the London stock exchange in December with an expected market capitalization of 100m pounds. The company, which launched its first products in June of 1997, hopes to raise around 20m pounds of new money in the offer. The extra cash is intended to give Financial Objects more flexibility in its expansion plans, both product wise and geographically. Foster founded Financial Objects after successfully selling on his two former creations. Foster’s Apricot Computer was sold to Mitsubishi Electric Corp in 1990, and Act Group Plc was sold to Misys Plc in 1995. Financial Objects has now grown to compete with Misys in the UK’s banking and financial software sector with its Windows NT-based ActiveBank products said to be running at over 200 sites. In the year to December 1997, Financial Objects had revenues of 15.9m pounds and made a pre-tax profit of 2m pounds. For the first six months of this year, revenues were up to 10.3m pounds and pre-tax profits were up at 1.6m pounds. Foster is expected to retain a 20% stake in the expanded share capital of Financial Objects after flotation.
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