Another UK software player leaves AIM today - investment banking and capital markets solutions supplier, Dealogic. The reason is as much to do with liquidity as value - the stock had returned some 34% to investors over its 7 year life as a quoted company. The liquidity issue may have something to do with the fact that 90% of the stock is in the hands of insiders, including illustrious Computacenter founders Peter Ogden and Philip Hulme, who between them own almost 60% of Dealogic (and nearly 35% of Computacenter).
Dealogic appeared to be doing rather well this year, with H1 revenues projected to rise by 19%. Dealogic turned over $104m last year, up 12% at constant currency, with a 36% operating margin. As at the end of June, Dealogic was capitalised at over £200m, putting it among the Top 20 AIM-listed SITS stocks by valuation. Seems a shame that ‘outsiders’ couldn’t really get a slice of that action.