PLUS is delighted to welcome Arrowpoint Technologies, the very first Indian-based company on its market.
Arrowpoint operates primarily in India and the USA developing information technology services, products and solutions for the retirement and financial services industry, through which they have established a leading position in the provision of defined benefit solutions to businesses in the USA.
This is an exciting admission, not only as the first Indian based company to join PLUS, but also in view of the high profile clients it serves within the US pensions industry. These include Fortune 500 retirement services companies and their subsidiaries such as Mass Mutual, Principal Financial and Union Bank of California. Arrowpoint is also a service provider to the US Federal Pension Benefit Guarantee Corporation.
Arrowpoint is a well established business with a market capitalisation of £26 million. In the year ended 31 March 2009, Arrowpoint generated EBITDA of $1.98m on turnover of $15.6m. Full details of the issue, introduced by St Helens Capital Partners LLP, can be found in the company's admission document* on the PLUS website.
Santanu Nandy, Group Managing Director at Arrowpoint said: “For a growing business like Arrowpoint Technologies, PLUS proved to be the ideal route to market, giving us cost effective access to capital in London and allowing us to establish a presence in Europe which we hope will help us to grow further. We intend to make maximum use of the opportunities available from our listing on a stock exchange in London.”
According to Mark Anwyl of St Helens Capital Partners: “We are pleased to have floated the first Indian based company on PLUS and look forward to working with Santanu and his colleagues to fulfill their objectives”.
Paul Haddock, Head of Capital Markets at PLUS, said: "We were delighted when Arrowpoint first approached us and are now pleased to welcome them to the PLUS-quoted market. We hope to see more business from that part of the world as we continue to focus on the development of the market both in the UK and overseas, and we wish them every success".
* http://www.plusmarketsgroup.com/PLUS_applicant.shtml?ISIN=NEWISSUE02/PLPR