Feeds

What a difference a Dot makes

dot net to make Brummie reseller a millionaire

  • alert
  • submit to reddit

The essential guide to IT transformation

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. ®

Boost IT visibility and business value

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
Ballmer leaves Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Banking apps: Handy, can grab all your money... and RIDDLED with coding flaws
Yep, that one place you'd hoped you wouldn't find 'em
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Call of Duty daddy considers launching own movie studio
Activision Blizzard might like quality control of a CoD film
Primetime precrime? Minority Report TV series 'being developed'
I have to know. I have to find out what happened to my life
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
Scale data protection with your virtual environment
To scale at the rate of virtualization growth, data protection solutions need to adopt new capabilities and simplify current features.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?