London-based application service provider NetStore Group Ltd is the latest private UK firm to become the subject of the IPO rumor mill. The Financial Times yesterday reported that the three-year-old ASP is in the process of selecting advisors for the float, which could value the firm at up to 350m pounds ($560m). The FT reckons a dual London-Nasdaq listing is likely for the compnay, which saw revenue of just over 1m pounds ($1.6m) last year. Nobody at the company could confirm the rumors to ComputerWire.
NetStore hosts Microsoft Exchange and Lotus Notes applications for customers such as British Telecommunications Plc and Cisco Systems Inc, as well as providing remote systems management services. The firm is funded mainly by venture capitalist 3i, and was the first European member of the ASP Consortium.
