Actual Experience, the world-leading Bath advanced analytics firm, is looking to bring in £10m through a share issue to capitalise on new market opportunities created, in part, by the coronavirus pandemic.
Actual Experience said its change last year from offering managed services to professional services coincided with many businesses adapting new ways, including remote and home working.
As a result, it said “the relevance and opportunity for the company’s offering” had increased significantly.
To take advantage of these trends and to further develop its technology, the firm, which has a mission to make the digital world work properly for everyone, everywhere, by placing human experiences at the heart of every digital business, is aiming to raise £10m through a share placing to institutional investors.
Actual Experience’s business analytics empowers leaders to make the right decisions about their digital strategy and improve what is important – employee wellbeing, business efficiency and brand perception.
Its pioneering products can bring about a step change in efficiency for businesses and an end to glitches that dog digital platforms such as buffering and poor internet connections.
It said it believes that it now has a solid operational platform and sales funnel with its channel partners to enable it to effect customer deployments more quickly, efficiently and on a larger scale.
The firm was founded 11 years ago following a decade of cutting-edge research at Queen Mary University of London and later relocated to Bath.
Having floated on the London Stock Exchange’s AIM market in 2014, it is now the market leader in advanced analytics for managing digital business quality with offices in London, New York and Seattle as well as Bath.
It said it will use part of the proceeds of the placing to expand its sales and support teams in response to the expanding pipeline of sales prospects while also expand its technology development team to develop enhanced cloud efficiency and scalability.
Actual Experience CEO Dave Page, pictured, said: “Covid-19 has triggered an obvious, significant and enduring transformation in global working practices involving remote working and new digital collaboration technologies.
“Our new PS (professional services) offerings enable business leaders to manage the impact these changes are having on their employees and their overall business.
“We have seen increased traction from our channel partners as a result, providing us with further sales opportunities. This fundraise will enable us to take full advantage of this significant market opportunity – accelerating the funnel build across all partners and smoothly on-boarding new channel partners.
“We believe that the group is well positioned for long-term growth. We have an excellent, growing portfolio of channel partners and customers, and maintain our belief that Actual Experience has the ability to become a significant global player in the market for Human Experience Management.
“Whilst we will continue to monitor the wider market environment in regard to Covid-19, we are confident in delivering against our strategic objectives.”
In an update to shareholders on its trading ahead of announcing its full-year results for the year ended September 30, Actual Experience said it had achieved a significant milestone for its Human Experience Management (HXM) offering with one of its channel partners which will involve its software analysing the digital experience of 10,000 home and office-based employees of a major energy company for one month.
It has also recently secured an initial order from US tech giant Oracle Corporation and signed a three-year framework agreement with an American multinational computer tech company, both for its HXM offering.
