TechFinancials will utilise IPO funds to support growth plans

TechFinancials will utilise IPO funds to support growth plans

Friday, June 5, 2015 Totally Gaming

TechFinancials has revealed to TotallyGaming.com that it intends to utilise funds raised at a recent initial public offering (IPO) in order to maintain and build on the level of success it experienced last year.

The software developer, which provides solutions to online brokers, revealed that revenue in the 12 months ended December 31, 2014 amounted to $15.5m (€3.8m), up 85 per cent on the $8.4m achieved in the previous year.

Operating profit before exceptional items was also up from a loss of $300,000 to a plus of $2.1m, with pre-tax profit coming in at $800,000, compared to a loss of $300,000 last year. Net cash generated from operating activities was also up from $470,000 to $2.1 million.

Speaking to TotallyGaming.com about the results, a company spokesperson was keen to highlight an increase in licence revenue, which has been aided by TechFinancials’ ongoing expansion plans. Last year, the firm launched in the US through a collaboration with Cantor Exchange and has also begun the process of expanding into Asia.

“Licence revenues have increased to $6.6m due to the number of active brands using the firm’s platform increasing from 36 to 48 and organic growth of existing brands,” the spokesperson said.

“Our trading platform has grown to $8.9m due to am increase of 108.6 per cent in the number of active customers, while we have also been able to establish an affiliate programme.

“The company will continue to grow in 2015 through expansion of its business in China and by offering the new Forex and Mobile applications, which were introduced at the beginning of the year.”

As part of this ongoing expansion strategy, the TechFinancials spokesperson said that the company intends to use the funds it generated through a recent IPO to help achieve further growth and achieve more success this year.

“The funds raised at the IPO are now being put into place to continue to grow the business and open new markets with leading and innovative technology,” the spokesperson said. “The new businesses are expected to start adding material revenues in 2016.”

 

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