Technology

Quartix plc

Year

2021


Transaction type Equity Capital Markets & Corporate Broking

Sector Technology

finnCap have completed a £28.8m sell down on behalf of Andy Walters, CEO, Quartix UK.

Quartix, a leading supplier of vehicle tracking systems, is a longstanding client, having advised on its IPO in 2014. As a result of strong institutional investor demand, Mr Walters (and associated parties) agreed to release a portion of  shareholdings, recognising the strategic importance of building a strong, supportive institutional shareholder base. The share sale, representing 15% of the issued share capital of Quartix was completed by way of an accelerated bookbuild to institutional investors at the prevailing mid-price of Quartix shares.

Matt Goode, Corporate Finance Dir.: “We have worked with Quartix since its 2014 IPO, the increasing share price enabling the founders to realise some of their investment along the way. This is the biggest sell down to date, reflecting the growth in Quartix’s market cap from £54m at IPO to over £200m today as it has delivered strong profit growth and free cashflow generation. We are particularly pleased to have executed the transaction at the prevailing market price.”

Quartix features on our most recent Tech Chat from our sector analysts, highlighting a positive trading update in the tech sector for 2021.

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