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Mobile phone security software supplier Defenx is celebrating its first day on the London market.
Defenx (LON:DFX) has listed on AIM and raised £2.1mln before costs by placing about 1.4mln shares at 148p apiece, valuing it at £9mln.
The group plans to use the cash to fund the development of its Windows Phone 10 app and continue developing its mobile security suite for Android and Apple iOS.
It also wants to broaden its product range, including mobile device management for families and small businesses.
The fast-growing company hopes to expand rapidly in Africa, Asia and Latin America.
It aims to cash in on a world mobile security market that is tipped to be worth US$5.7bn by 2019.
Finance chief Philipp Prince told Proactive Investors in an interview: “It’s a very big market and we just need a small part of it.”
The group, which was founded in Switzerland in 2009, has been profitable since 2012 and is debt-free.
Trading in the nine months to September 30 was strong, with revenues up 86%.
Since it launched, the company has sold more than two million security software licences.
Its global distribution partners include 3Italia (H3G), the third largest Italian mobile network operator; disk drive manufacturer Seagate Technology and further distributors including telecoms operators, systems integrators and manufacturers.
Managing director Guido Branca said the company expected to double in size every year.
He said there was a lot of takeover activity in the sector at the moment, focusing particularly on mobile phone privacy as well as security.
“I think that will create opportunities for us,” he said.
The company’s nominated adviser is Strand Hanson and its broker is WH Ireland.
Shares traded as high as 151p on Thursday, and were 1p higher at 144p near the end of the day.