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The goPublic-IT event in London on 03 and 04 December showcased 27 European and Israeli hi-tech and biotechnology companies that plan to float on one of the European stock exchanges between 2002 and 2003. The event was backed by the European Union in partnership with the London Stock Exchange and Euronext. FF&T Events, a subsidiary of the France Finance & Technologie Group, organised the two day showcase.
The event included elevator pitches, private meetings with the delegates and fuller presentations outlining the business profile and opportunity for the competing companies. The delegates, which included venture capitalists, business leaders and financial analysts, then voted on which of the 27 companies had the most potential for expanding their business in the present climate with the business proposition and management team presented.
Three UK companies were voted as the most promising companies at the event: Cambridge Silicon Radio, a developer of short range wireless chips; Norwood Systems, a short range wireless software company; and Cyclacel, a biotech tech firm studying cancer treatment therapy.
While none of the Irish firms won, their attendance and presentations should help to advance the companies in their IPO plans. CR2 is a Channel Banking and Card Management Software firm, Openet Telecom is a mobile network software provider and Raidtec is a designer of storage network systems. In recent weeks Openet and CR2 have received USD20 million and EUR7.5 milllion in venture capital respectively and have announced a number of major deals. Raidtec raised USD16 million in venture capital in January and was also named in Deloitte & Touche's Fast 50 list of the fastest growing companies on the island of Ireland.
The climate for IPOs has not been good in the last year as tech stocks have crumbled, and many firms that were expected to go public this year have not done so. In mid 2000 a variety of companies were tapped by industry watchers and the media as potential IPO candidates including Digital Channel Partners (DCP), Eontec, Worldoffruit, Managed Solutions Corporation, Integrity Software, Information Mosaic, Network 365, Orbiscom and Enba. But only a few such as Riverdeep, iTouch, Parthus, Datalex and Manufacturers Services Ltd made to the markets by the end of that year.
And while there has been a substantial amount of funding in Irish tech firms in 2001, none have gone public. Furthermore, many of the highly touted firms that were talking about initial public offerings in mid 2000 have either gone out of business altogether or have encountered serious financial difficulties.
Now many analysts, who are predicting that the market will pick up next year, are saying companies like CR2, Raidtec, Openet and also Orbiscom, which have all quietly continued to engage in many lucrative deals and fundraising rounds, may look to public investors for funding before 2003. Speaking at the goPublic-IT event, president of FF&T Group Stephane Roussier said he was confident that the IPO market will soon see a resurgence.
Other companies that presented at goPublic-IT included three Israeli firms, Allot Communications, Axerra Networks and Ituran Location and Control; two German companies, Ascertech and Atugen; eight French organisations, Asterop, Exonhit Therapeutics, Firstream, Genodyssee, Intermediation, Lea, Molecular Engine Laboratories (MEL) and TempoSoft; the Dutch company Ascertech; the Finnish firms Digia and MoreMagic; Opera Software from Norway, makers of the popular Opera Web browser; and Astex Technology, Cognotec and Reech Capital from the UK.
Get more info at http://www.gopublic-it.com/.
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