|Background||AppScatter is a B2B SaaS platform that distributes, manages and monitors mobile apps across multiple app stores worldwide. Where an app developer would be responsible for the build, and distribution of the app via over 100 app stores globally, AppScatter does a lot of that for you. Its centralised management platform integrates with the top 50 app stores worldwide, through a simple registration process, and gives app developers and owners access to global download opportunity without the necessity of you having to do it all yourself.
The company was ready to grow – and decided to undertake an IPO on AIM as their chosen path towards long-term business growth. CFPro Ventures affiliate, CFPro, was asked to undertake critical tasks associated with moving a company from private to public.
|Issues||For a company to offer its shares to institutional investors, they need to prepare an admission document. The admission document is a document that is used instead of a Prospectus when listing on AIM – and is required when offering shares. It is a detailed document which includes similar disclosure items and is accurately reviewed by auditors as part of the IPO due diligence process.
In AppScatter’s admission document, they were required to disclose the historical financial results for the previous 3 years under the International Finance Reporting Standards (IFRS), and it was necessary to convert their accounts from the then UK Generally Accepted Accounting Practice (GAAP) to the IFRS.
During this process, we were required to identify any potential IFRS vs UK GAAP differences, and disclose, where appropriate, to the auditors and other key stakeholders. Once the conversion was completed, the document was submitted for official auditing and submission to complete the IPO listing.
|Approach||The CFPro Team worked with the senior finance team members, which included the Chief Financial Officer and the Financial Controller, from AppScatter. It was necessary to ensure that all critical information was consolidated thoroughly, after which we evaluated areas where suspected differences between the UK GAAP and the new IFRS occurred.
Regular communication and an acute attention to detail meant that we were able to ensure that our interpretation of the data and detailed understanding of the business history was accurate, and that our findings reported were in line with what the admission document required.
We also assisted the AppScatter finance team once the accounts were audited, and were on hand to assist them with any questions or issues raised.
|Results||AppScatter listed on the London Stock Exchange (AIM) on 5 September 2017, at an initial share price of £0.71. Since then, the business has launched a series of products and enhanced features, and soon after launch, already had over 10,000 registered users on the platform accessing the benefits that AppScatter offered.