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Gloo intends to float

Gloo Networks, a technology company established to acquire and operate companies in the media sector, announces its intention to seek admission of its shares to trading on AIM.

The Company, which is led by Rebecca Miskin (Chief Executive Officer) and Juan Lopez-Valcarcel (Chief Product and Operations Officer), says it intends to acquire and operate trusted consumer brands in the media sector, with an enterprise value in the range of £250 million (€350m) to £1 billion.

Gloo is seeking to benefit from the changing relationship between consumer brands, media owners and the advertising industry; this relationship continues to experience structural change, driven by the evolving prevalence of internet usage and the increasing adoption of data analytics, allowing businesses to better understand and serve consumers. The convergence of the internet and media sectors has created multiple investment opportunities with numerous companies or businesses identified within Gloo’s target universe.

Gloo intends to acquire businesses that appeal to attractive socio-economic groups, and through the use of data and technology, transform these businesses to fully realise their digital potential, thereby unlocking value and increasing profitability.

Gloo’s initial capital raise of up to £30 million is anticipated to receive strong backing from major institutional investors, with significant additional capital expected to be raised at the time of the target acquisition. The principal focus for a platform acquisition is the UK, the US and (to a lesser extent) Europe.

Miskin said: “Content consumption is at an all-time high, whilst technology is disrupting media and enabling a deeper understanding of an audience than ever before. We have an exciting opportunity at Gloo to create a new blueprint to enrich the user experience, and unlock the full potential of brands. Gloo intends to acquire businesses with leading brands and, through data and technology, release and transform their real potential. We look forward to working with outstanding talent and the world’s most advanced technologies to unlock value for shareholders. London is fast becoming the global capital for fintech and fashion-tech; media-tech should be there too.”

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