AL TV News report – Ayfie‘s new CEO, Johannes Stiehler, speaks about the move to list the doc analysis company’s shares.
Press play to watch the News Report inside this page, (7 mins).
NLP-driven doc analysis company, Ayfie, has listed its shares for public trading – a rare move for most legal tech businesses that are not part of far larger companies.
In this case, Ayfie – which has its roots in Norway, but now has offices in the US, UK and Germany – has decided to join the Merkur Market in Oslo, which is a multilateral trading facility. This stock trading platform allows Ayfie’s large number of shareholders to more easily sell their equity holdings – but, importantly, this is not raising additional capital, i.e. this is not an issuance of new shares to the public, AKA an IPO.
The listing won’t raise new money, but it will give Ayfie more experience of operating as a publicly traded company. The current market cap is around $25m, said the doc analysis business.
They have also raised around $5m in a private placement (i.e. a sale of shares to specific buyers to raise capital). This new cash will carry the 60-person company through the crisis and support growth beyond that.
The moves are part of a wider shake-up at the company that have seen CTO, Johannes Stiehler, become the new CEO. Stiehler also told Artificial Lawyer that they would now be focusing much more on the legal sector, which until recently had been just one of many sectors the business worked in.
See AL TV News Report above for interview and more information.
(This video news report is an AL TV Production, August 2020.)