Admission to Aim and First Day of DealingsSource: RNS
10 May 2021
Insig AI Plc
("Insig AI" or the "Company")
Admission to Aim and First Day of Dealings
Insig AI Plc (AIM: INSG), a leading AI and machine learning company serving the asset management industry, is pleased to announce its admission to trading on AIM ("Admission") following the reverse takeover of Catena Group plc.
The number of ordinary shares in issue immediately after Admission will be 98,653,174, giving the Company a market capitalisation of approximately £88 million based upon the closing share price of the Company of 89.0 pence per share on 7 May 2021. The Company has changed its name to Insig AI Plc and its TIDM to INSG, with dealings in the Company's shares commencing at 08.00 a.m. today, 10 May 2021.
About Insig AI
Insig AI (formerly Insight Capital) is a data science and machine learning solutions company that provides bespoke web-based applications, advanced analytical tools, and modern technology infrastructure to make machine learning accessible to investment professionals.
Insig AI's products and services provide the critical components needed for a modern, data-driven investing strategy, including data strategy development, technology & cloud infrastructure, data ingestion, machine learning and analytics, and data visualisation.
The Company's product suite is designed to transform an asset manager's data infrastructure and machine learning capabilities to deliver actionable and measurable results. Specifically, the products are:
· Insig Portfolio - a multi-asset data-science and machine learning platform designed to enhance investment strategies and enable portfolio interrogation and performance attribution while delivering actionable and explainable results.
· Insig ESG - A tool for developing and executing a data-led ESG investing strategy; providing credible, transparent and evidence-based scoring based upon standard or bespoke methodologies.
· Insig Data - A data transformation tool for cleaning, structuring and categorising proprietary and third-party data to enable machine learning and other data analytics via Insig or client applications.
· Insig Docs - A microservice application that intelligently extracts, tags and stores documents based and unstructured data using cutting edge text extraction and elastic database technology.
· Insig Exceleton - A tool that converts complex Excel spreadsheets into Python code, enabling an accelerated transition to a modern, machine learning and data analytics enabled strategy.
· Successfully raised £6.1 million (before expenses) via a placing of 9,172,375 new ordinary shares at 67 pence per share, a 14 per cent. premium to the closing share price of the Company of 59 pence per share on 2 September 2020, being the last business day before the Company's ordinary shares were suspended from trading.
· The funds will be used by Insig AI to pay the cash consideration due to the vendors and for general working capital purposes, namely investing in Insig AI's team of developers, engineers and sales and marketing employees to accelerate product growth and business development activities.
Steve Cracknell, CEO, Insig AI Plc, said: "Our listing today will accelerate the development of Insig AI. We believe there is a huge market opportunity as the environment for asset managers and other investment professionals becomes more challenging with limited organic growth, volatile market returns, and pressure on fees. Technology can play a critical role in helping the asset management industry navigate these issues. Many in the asset management industry have hardly begun implementing AI solutions and capitalising on the potential analytical and profitability benefits. Data-rich financial services companies stand to benefit significantly to enhance investing strategies with data insights. We are confident in the future of Insig AI and our ability to deliver sustainable, long-term value to our shareholders."
For further information, please visit www.insg.ai, or contact:
Insig AI Plc
Steve Cracknell, CEO
Via SEC Newgate
Zeus Capital Limited (Nominated Adviser & Broker)
David Foreman / Rishi Majithia / James Hornigold
+44 (0) 203 829 5000
SEC Newgate (Financial PR)
Robin Tozer / Tom Carnegie / Richard Bicknell
+44 (0) 7540 106 366