|CES Software, a start-up company that makes software for online betting operators, is to float on London’s Alternative Investment Market (AIM) later this month, making its founders millionaires overnight – although they will have to hang on at least a year to cash in their chips, so to speak. |
CES founders Lorne Abony and Andrew Rivkin are looking to raise about £5 million ($8,396,150)by floating on AIM. Between them they own about 50% of the shares, but cannot sell up for at least a year as part of a lock-in deal. The business could be valued at about £20 million ($33,584,100), a report in The Independent estimated, despite having only operated for 18 months with no substantial revenues so far. CES was set up in May last year and has only two customers. Abony and Rivkin hope to list on AIM by the end of November. The company has about 20 employees and has spent about £600,000 ($1,000,000)of its original £900,000 ($1,511,000) of funding to date. Industry experts do not expect it to reach break-even until 2005, when it is estimated CES’ turnover will reach £7.7 million ($12,929,000).