Manchester-headquartered, Microsoft-platformed, self-styled independent pure-play Cloud Service Provider, Outsourcery, is to list on AIM on Friday with a placing that will raise £12.7m gross and value the company at £34.6m. Outsourcery had revenues of £3.6m in 2012 and net losses of £10m. Says it all, really. But this is a world where people pay a billion dollars to buy $13m in revenues so why should we be surprised?
Outsourcery had its genesis literally in Genesis Communications, acquired from DSG ('Dixons') by Outsourcery founders Piers Linney and Simon Newton back in April 2007. They went on to acquire a small Microsoft hosting business, and a few other bits including the Thus Mobile mobile voice and data reseller business from Cable & Wireless. After much sprinkling of magic dust appeared Outsourcery.
Management have laid out their key performance indicators (KPIs) that they will report on a regular basis. One notes that profits and cash do not appear to be among them.
Let's see how the launch on Friday goes.