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dot net to make Brummie reseller a millionaire

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A Birmingham reseller plans to increase the value of his business by almost ten times through adding a dot net to the company name.

Mark Abrams, 35, bought Myratech from his former maths teacher for £18,000 11 years ago. The company, which started life as a software reseller (flogging Sage) and has since added a facility for writing e-commerce applications, has annual sales of just £1.5m. This week it will change its name to Myratech.net.

Abrams said the company had been valued by brokers Teather and Greenwood at £20m. He plans to float 20 per cent of the company on AIM at the end of next month for £4.5m. This will value his stake in the company at £10m. His 20 staff will also cash in - they stand to gain shares in the company collectively worth £6.6m.

Abrams told The Register he would not see a penny of the flotation for while. His 50 per cent stake will all be in shares, and any cash raised will be pumped back into the business. He plans to open offices in Bristol and the North, and triple the number of employees by the end of the year.

"The money will all be on paper for some years," said Abrams. But get your CV out - he added that new recruits would not miss out on the opportunity to make a mint. "We have set aside a number of shares for future staff," he said. ®

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