Mobile marketing group InternetQ connects with AIM

Mobile marketing and digital entertainment business InternetQ pulled off an initial public offering (IPO) on the Alternative Investment Market this morning, raising £6.8m of new cash in the process. InternetQ is a profitable technology outfit that works in Poland, Turkey Brazil and Russia and is now aiming to expand in Latin America, the Middle East and CIS, as well as parts of Southeast Asia.

InternetQ is behind a proprietary technology platform that provides mobile marketing tools to its clients, namely network operators, media companies and brands. It is currently connected with 55 mobile network operators in 24 different countries, reaching over 573 million mobile subscribers. The group also provides digital content directly to mobile subscribers through its Akazoo platform, offering its members premium content within a social network environment and allowing them to interact and get rewarded for their loyalty and usage.

InternetQ’s long-term business relations include telecommunications operators, media companies and brands around the world, including Vodafone, Orange, Vimpel, Turkcell, Oi, Wind, COSMOTE, and MTV Network. The proceeds of today’s fundraising will be used to expand its network technology equipment and enhance “Mobi Dialogue”, its mobile marketing interactive platform. Cash has also been earmarked to further develop Akazoo, the online entertainment content platform, as well as set up new offices in key markets that require a more permanent presence.

Konstantinos Korletis, the group’s chief executive, said: “InternetQ has now achieved an important milestone in its quest for global expansion. With mobile marketing predicted to grow strongly in both the developed and emerging economies globally, there is no better time for InternetQ to capitalise on that expansion. Our listing on AIM and the influx of fresh funds will strengthen our profile globally and also allow us to invest in tapping new markets and improving our technology. We are extremely pleased to be joining the UK market at such an exciting time for InternetQ.”

InternetQ is currently cash flow positive and in the first half of 2010 generated Ebitda of €2.6m, from revenues of €18m. Since 30 June 2010, the group has continued to trade profitably, generating revenues of approximately €12.6m for the four months to 31 October 2010. The admission to AIM gives it a market capitalisation of around £31m. The £6.8m placing was conducted by both the company and Jendens Securities, its broker, with Grant Thornton Corporate Finance the appointed nominated adviser.

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