Albion-backed Mi-Pay joins LSE's AIM

The company has issued a further 243,903 ordinary shares worth £0.1 each, giving it a market cap of £339.8m.

In 2007, Albion Ventures (then Close Ventures) invested £1.8m in the business in a first round of institutional funding, in exchange for a minority stake in the company. It then joined a £3m second round led by Octopus Ventures in 2010.

The Mi-Pay group, formerly AimShell, renamed itself after acquiring payment service Mi-Pay for £9m in a reverse takeover this month. As a result of the renaming, the group's ticker will change to "MPAY" from 29 April.

Albion's recent investments include leading a £1m round for medical imaging software provider Mirada Medical, joining IQ Capital in a $3.3m funding round for digital advertising technology company Grapeshot and taking part in a £3m investment in livestock-focused software company Silent Herdsman.

Company
Mi-Pay is a UK-based provider of outsourced payment services to mobile operators.

People
As part of the deal, Mi-Pay has appointed Seamus Keating as chairman. Keating is currently chairman of First Derivatives and has more than 20 years of experience in operational and finance roles within the technology sector.

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• Topics
• Exits
• Technology
• UK / Ireland
• United Kingdom
• Albion Ventures
• IPO