Growth options

Digitonic considering IPO or sale to SPAC

Grant Fraser: rebound

Mobile marketing specialist Digitonic is considering a stock market listing in either the UK or North America and is also actively speaking to a special purpose acquisition company (SPAC) that could lead to an acquisition of the company.

Co-founder and CEO Grant Fraser said the Glasgow-based company has rebounded from a setback early in the pandemic and has plans for expansion.

“While we’re on a track to IPO-readiness, with a stock market flotation potentially on the cards over the next twelve to eighteen months,” he said.

“We have also been approached by a SPAC and we will be continuing this conversation alongside our planned route to IPO.” 

The company is on track to double revenue to approximately £16 million following a record year in 2020 when the business posted revenue of £7.8m.

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It also expects to report double-digit growth in profitability for the full year to the end of October.

The company, which celebrated its 10th anniversary in April, grew its headcount by around 50% to 45 in 2020 and is planning further hires this year.

More than 95% of Digitonic’s clients are in North America and the company established a US subsidiary in 2020.  With a growing number of clients in Vancouver and Toronto, the company is planning a Canada office opening in 2022.

The North American offices will support Digitonic’s headquarters in Glasgow, and its UK satellite office in London.  

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