Bango to float
Bango IPO? Goodo
Bango - the UK outfit that helps companies flog content via mobile phones - is to float later this month on London's Alternative Investment Market (AIM).
The Initial Public Offering (IPO) looks set raise £5m for the company which it plans to use to develop its business in the UK and overseas.
No one from the company was available for comment at the time of writing but earlier reports suggest that the IPO would value the Cambridge company - which employs 28 workers - at around £25m.
Bango enables firms to cash in on selling content via mobile phones and includes The Sun, Camelot, Maxim magazine and Channel 4 among its list of punters.
By paying Bango a monthly fee, end users can then pay for content through their mobile phone bills or credit/debit cards.
In April, for instance, Bango's service was used by more than 140,000 end users from 85 countries to purchase content using mobile devices.
What's more, analysts predict that the global market for mobile internet content will explode over the next four years to around $59bn by 2009.
Said Bango chief exec Ray Anderson: "The increasing capacity of mobile phones to entertain large numbers of users is well recognised by content providers worldwide.
"The AIM admission and funding will increase our profile internationally and assist in exploiting our scaleable technology platform in new territories.
"We are building on the successful relationships we already have with many content providers and network operators and are expecting to see significant growth," he said.
In the year to March Bango generated revenues of £3.4m up 68 per cent on the previous financial year. The float is expected to be completed by the end of June. ®