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Actual Experience raises £16mln to fund expansion phase

Published: 08:12 28 May 2015 EDT

financialgeneric
The simplicity of Actual Experience’s hosted software masks the huge amount of time invested creating the algorithm that tracks the customer experience.

The data analytics specialist Actual Experience (LON:ACT) has unveiled plans to raise £16mln.

The funds will be used to boost the sales and technical teams as well as funding its working capital needs for the ‘foreseeable future’.

The cash call was done at 190p a share – a modest 10% discount to last night’s closing price.

The share placing will also raise £300,000 each for chief executive Dave Page and Professor Jonathan Pitts, who developed the algorithm that is at the heart of the business.

Page told investors: “The placing enables the company to significantly increase its sales teams and further enhance the technology development team as we look to capitalise on our growing pipeline and beyond. 

“We recently announced a new channel customer which in itself has the ability to radically enhance the company's revenue profile and we are confident that we will be in a position to announce a further significant agreement later this year.”

Building on 10 years of research by Pitts, the company has developed an algorithm that assesses the digital experience.

More pertinently it does so through the lens of a user logging onto a website or grappling with the latest piece of technology.

The simplicity of Actual Experience’s hosted software masks the huge amount of time invested creating the algorithm that tracks the customer experience.

Measurements are made and sent to a data centre that produces a digital quality score that is a little like a credit report.

The group is normally called into a business hit by complaints, but where the dashboard for that particular part of the digital infrastructure shows ‘green lights’ saying it is working perfectly.

The service is charged via a subscription, with the customer paying according to how often they use the software.

There are hundreds of companies that look at performance in a technical, linear way, but none of them can recreate the digital voice of the customer that is at the heart of the company’s technology, Page said in a recent interview with Proactive Investors. 

So Actual Experience is unique in this respect – and its stock is growing, with a number of multi-nationals already using the technology.

Page told Proactive 2015 could be the breakthrough year for this fledgling business. “We have probably a dozen large opportunities,” he said.

“Some are already customers and if we are right we see them growing significant revenues per month because they have colossal scale.”


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