Insig AI PLC (LON:INSG) was admitted to trading on AIM today following the reverse takeover of Catena Group PLC (LON:CTNA).
The shares were going for 88.50 pence in early trade, valuing the AI and machine learning company at about £88mln.
READ: Catena proposes acquisition of data science firm Insight, plans £6.1mln placing
Insig AI, formerly Insight Capital, provides bespoke web-based applications, advanced analytical tools, and modern technology infrastructure to make machine learning accessible to investment professionals such as asset managers.
"Our listing today will accelerate the development of Insig AI,” said chief executive Steve Cracknell.
“We believe there is a huge market opportunity as the environment for asset managers and other investment professionals becomes more challenging with limited organic growth, volatile market returns, and pressure on fees. Technology can play a critical role in helping the asset management industry navigate these issues.
"Many in the asset management industry have hardly begun implementing AI solutions and capitalising on the potential analytical and profitability benefits,” he said. "Data-rich financial services companies stand to benefit significantly to enhance investing strategies with data insights."
Insig AI raised £6.1mln, before expenses, via a placing of 9.2mln shares at 67 pence each, a 14% premium to the closing share price of the company on 2 September 2020, the last business day before the shares were suspended from trading.
It will use the funds to pay the cash consideration due to the vendors and for general working capital purposes.