Dotcom survivor BIW moots float

Dotcom survivor BIW has appointed investment bank Regent Associates on a possible £30m-£50m flotation on the Alternative Investment Market.

The Woking software firm was meant to float eight years ago, months after being founded, but had to scrap its plans. BIW's founder and chief executive, Colin Smith, who holds an 18pc stake, is now seeking fresh investment.

He hopes to raise about £10m for international expansion via a float, and is also considering new trade and private equity investment.

The company, which rents its software on a subscription basis, creates web-based collaboration systems for the construction and property industry. It has more than 100,000 users and is supporting projects in more than 20 countries.

Customers include United Utilities, Sainsbury's, BAA, Marks & Spencer and the Ministry of Defence.

The company is forecast to make underlying profits of around £1m this year on revenues of £7.5m.

(Original article also online here)