Alteration Earth Plc is set to transform into Pri0r1ty Intelligence Group Plc as it prepares for a listing on the AIM Market of the London Stock Exchange, making it the first dedicated AI Software-as-a-Service (SaaS) company to be quoted on AIM this year. The move comes as the company has entered into a non-binding agreement to acquire Pri0r1ty AI Ltd, a firm that has developed an AI platform tailored to assist small and medium-sized enterprises (SMEs) with professional growth services.
The transaction, announced on 27 June 2024, values the acquisition at £12.5 million before any funds are raised, with an additional £1 million intended for general working capital. Following this transition, Alteration Earth plans to cancel its current listing on the Official List and proceed with the AIM Market application, marking a significant milestone in the company’s trajectory.
Joseph Sheehan, the CEO of Pri0r1ty, highlighted the importance of the venture, stating, “Pri0r1ty was set up to meet a very real and growing challenge. SMEs spend huge amounts of money – over £60 billion a year – on external professional services providers when so many of these tasks can be automated using AI.” He noted that the company’s technology allows businesses to better utilise their advisors for high-end strategic support, while AI manages the routine tasks, thereby enhancing efficiency and cost-effectiveness.
Pri0r1ty’s platform aims to simplify various processes for SMEs by offering services such as social media management, investor relations, and corporate governance—all powered by advanced AI technology. The company's product, Pri0r1ty Advisor, is a bespoke AI-driven advisory bot that leverages deep learning to engage with stakeholders via websites, instant messaging, or email. This innovative solution is designed to collect and analyse data on customer interactions, subsequently enriching the language model and creating community interest maps to further support content creation and additional services.
Notably, Pri0r1ty's offerings stand out because they encompass multiple industries and functions within the SME space, in contrast to competitors that focus on singular verticals. The platform not only aims to engage customers but also holds potential to drive efficiency and gather consumer data—each tailored with a custom AI Generative Pre-trained Transformer (GPT) model specific to the client.
The company has made early strides in revenue generation, securing over 20 SME customers shortly after its product launch. Its prospect list includes both private and public SMEs poised to adopt the software, indicating strong market demand.
Daniel Gee, the founder and major shareholder of Pri0r1ty, expressed his pride in the company's achievements, stating that the move to market is a crucial milestone both personally and for the broader UK tech sector. "Too many early-stage British tech companies think that the only route to growth is through VC funding or even moving abroad; but I want to send a message that the LSE and the UK capital markets can be a smart and viable route to growing a successful tech company,” he remarked.
As Pri0r1ty Intelligence Group prepares for its AIM listing, it engages with advisers including Beaumont Cornish Limited as nominated adviser and Allenby Capital Limited as broker. The company is poised to carve a niche within the burgeoning AI market, which, according to projections, is expected to contribute an estimated $15.7 trillion to the global economy by 2030.
Source: Noah Wire Services