London’s AIM market today adds a small-cap AI play as Alteration Earth PLC (LSE:ALTE), soon to be renamed Priority Intelligence Group PLC, began trading under the ticker 'ALTE'.
The special purpose acquisition company (SPAC) recently completed the acquisition of Pri0r1ty AI Ltd, which provides AI-powered SaaS solutions to SMEs, streamlining tasks in social media, investor relations, and governance through its Priority Advisor platform.
After raising shy of £1 million, at 13.5p, the firm comes to AIM with a market capitalisation of £13 million.
“Pri0r1ty AI was set up to meet a very real and growing challenge," chief executive James Sheehan said in a statement. “SMEs spend huge amounts of money - over £60 billion a year - on external professional services providers when so many of these tasks can be automated using AI."
“With our technology, companies can use advisors for what they do best, high-end strategic support and technical value-add specialist services, and make the whole process more efficient and cost-effective by letting AI handle many of the everyday tasks.
“Our solution provides users with a suite of AI-tools that enables the efficient scaling of their business."
Daniel Gee, Pri0r1ty AI founder and major shareholder, had some warm words for AIM and the City of London too.
“Too many early-stage British tech companies think that the only route to growth is through VC funding, or even moving abroad, but I want to send a message that the LSE and the UK capital markets can be a smart and viable route to growing a successful tech company," Gee said.
In Monday’s debut trading, the share was down from the placing price – changing hands at 10.75p per share.