Mobile marketing firm Digitonic is considering a stock market listing in either the UK or North America and is speaking to a special purpose acquisition company (SPAC) that could lead to an acquisition of the business.
The plans come as it the Glasgow-based business announced that it is on track to double its revenue to around £16m by the end of October.
Last year it recorded revenue of £7.8m for the year.
The Scottish start-up, founded and led by chief executive Grant Fraser and technology managing director Iain Wilcox, doubled its headcount to 45 people last year and is planning further hires in 2021.
Founded in 2011, Digitonic uses conversational marketing to help brands engage, acquire and retain customers through its proprietary technologies.
More than 95% of its clients are based in North America, with the company opening a US office and establishing a US subsidiary last year.
Digitonic also has a growing number of clients in Vancouver and Toronto, with plans to open an office in Canada in 2022.
The North American offices are supported by Digitonic’s headquarters in Glasgow, and its UK satellite office in London.
It also acquired stock market review site ValueTheMarkets in 2020, an acquisition that has helped drive further client wins.
The company is considering further growth by acquisitions during the next 12 to 18 months.
Fraser said: “While we’re on a track to IPO readiness, with a stock market flotation potentially on the cards over the next 12 to 18 months, we have also been approached by a SPAC and we will be continuing this conversation alongside our planned route to IPO.
“Last March and April were really challenging months for the business and our revenue streams were impacted quite severely at the time, so to rebound in the way that we have since is testament to the hard work of our entire team and the quality of our products and services.”
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