AIT

AIT, the UK producer of client relationship management software, has raised a refinancing package put together by a rescue team comprising the original founder of AIT, proposed new members of management and Bessemer Venture Partners, the US venture capital firm. The deal is subject to shareholder approval. The refinancing comprised secured interim financing of £6m from the rescue team, put in place in late July 2002 (to be converted into AIT shares on completion of the refinancing). This was followed by a placing and rights issue announced on 7 August 2002 to raise £12.5m, of which £2.5 is to be provided by the rescue team,together with a debt for equity swap of £2m by National Westminster Bank.

Company

Headquartered in Henley-on-Thames, AIT delivers customer relationship management software solutions to the retail financial services industry and other vertical markets. The company was founded in 1986 and floated on the London Stock Exchange in 1997. It employs 500 staff at its Group headquarters and across the US, Europe and Australia. In 2001, AIT acquired IMA Inc, the US provider of CRM software and services.

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• Topics
• UK / Ireland
• Consumer