Auriga’s Wallix lists in €40.9m IPO

Wallix began trading on Euronext's SME stock exchange under the ALIX ticker on 16 June.

Priced at €10.50 per share, the flotation comprised a total of 3,897,190 ordinary shares. These included 862,500 new shares issued as part of a €9.1m capital increase involving shareholder Auriga, among others.

Currently controlling a 19.89% stake in Wallix, Auriga claims its investment in the IPO brings the total invested in the company to a total of €2.2m since 2011.

Additional institutional backers include Thierry Dassault Holding (TDH) and Access2net, which retain a 14.27% and 4.39% stake, respectively, while BPI France's FSN-PME fund holds 11.53%. With a 23.15% stake, Wallix founder and CEO Jean-Noël de Galzain remains the largest shareholder in the business.

According to Wallix, half of the €9.1m capital increase will be invested in a recruitment strategy that aims to increase headcount from the current 34 employees to 130 in 2018.

The remainder of the proceeds will go towards improving the business' software offer and expanding across the North American, Middle Eastern, African and Asia-Pacific markets. The software developer intends to generate more than half of its turnover outside of France by 2016.

Previous funding
According to Wallix, the company has been the recipient of €6.6m of capital since inception. The company's first funding round took place in 2007, when Sopromec and Access2net deployed a combined €550,000, including convertible bonds.

In 2011, a further €1.79m was invested by TDH and Auriga, which drew equity from its third fund, according to unquote" data.

In 2012, Auriga and TDH were joined by FSN-PME in a €4m round for the software developer. Prior to the IPO, a final €1.132m was raised from previous backers and employees.

Company
Founded in 2003, Wallix Group is a software developer specialising in computer security systems. Its identity and access management technologies are used by 200 clients.

Headquartered in Paris, the business currently employs 34 people and posted €4m in revenues in 2012, with 61% coming from its licensed WAB security suite and 27% generated by software maintenance.

People
Auriga Partners was represented by co-founder and chairperson Jacques Chatain. Jean-Noël de Galzain is founder and CEO of Wallix Group.

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