Irish company Glantus, which provides accounts payable automation and analytics solutions, has today announced its flotation and admission to the AIM market of London Stock Exchange today.

This is the first EU based company to float on London's AIM since Brexit.

Glantus raised £10m through an oversubscribed placing of New Ordinary Shares with investors.

On admission to London's AIM, the compant's market capitalisation will be approximately £37m.

The net proceeds from the flotation will provide the company with equity finance to support its growth strategy by investing in account management, sales and marketing.

It will also provide balance sheet strength for Glantus to consider further acquisitions.

With two main operational divisions covering EMEA and the US, the company's solutions are offered to over 300 customers.

From 2019 to 2020, the company's revenues increased over 150% to €8.5m.

Maurice Healy, founder and chief executive of Glantus, said the IPO is an important step in the company's development and provides an excellent platform for expansion.

"Based on growth forecasts for the Accounts Payable automation market and an acceleration of digital business initiatives, we are extremely well placed to capitalise on the investment by companies in finance automation and analytics," Mr Healy added.