NZ security company to list on alternative London board

We'll take our cash injection in sterling, please

New Zealand network security company Endace has announced plans to float on the secondary AIM market of the London Stock Exchange.

The company, which employs 50 staff in Auckland and Hamilton, has subsidiaries in the UK and US. For the financial year ended March 31, it had revenues of US$6.53 million (NZ$8.93 million).

It is seeking to raise £14 million (NZ$36 million), saying its growth has been constrained by lack of capital.

The net proceeds will be used to establish a direct sales force, for further product development and for investment in research and development.

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