Calculus Capital portfolio company ActiveOps has completed a successful Initial Public Offering on the Alternative Investment Market, generating an impressive 6x return for Calculus EIS investors

ActiveOps has placed 45 million shares with institutional investors, raising gross proceeds of GBP76 million for selling shareholders, including Calculus Capital. The placing price of 168 pence values the company at GBP120 million. Dealing commenced at 8am this morning.

Calculus invested in ActiveOps in 2014, acquiring approximately 30 per cent of the company’s equity. Revenues have grown significantly in that time, from GBP7m in the year to March 2015, to GBP20 million in the year to March 2020. ActiveOps has built an installed base of approximately 80 customers and over 100,000 individual users across EMEA, North America, APAC and India. Calculus has maintained a seat on the board throughout the last seven years and has supported the company through three acquisitions. Following the listing, Calculus will retain 25 per cent of its original holding, representing a 6 per cent stake in ActiveOps.

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Soure: Private Equity Wire