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Softline plans $400m IPO in London

Softline plans $400m IPO in London

International IT services provider Softline is planning an IPO on the main London Stock Exchange to raise around $400m (€346m, £297m) to help spread its geographic growth, including through acquisitions.

Founded in 1993 by Igor Borovikov, Softline says it supports over 150,000 customers and employs 6,000 in 50 countries. Its group turnover was $1.8 billion for the year ended 31 March, 2021.

The London-headquartered group also plans a secondary listing on the Moscow Exchange and in the year to 31 March, 2021, Softline said 40% of its sales were generated outside Russia, which was an increase from the 33% of group turnover for the year up to 31 March, 2019.

Microsoft is the group’s most notable vendor, with Softline being one of only 10 Microsoft Licensing Service Providers in the world. This provides the group with advanced selling, marketing and technical support benefits from Microsoft. In the year to March 2021, turnover from sales of Microsoft products and services constituted 48% of group total turnover.

Other major vendor partners include Adobe, AWS, Apple, Cisco, Dell Technologies, Google, Hewlett Packard Enterprise, HP, IBM and Oracle, along with key cyber security technology partners Check Point Software and Fortinet.

“Softline has a resilient, scalable business model and is at the centre of the digitalisation trend,” said Borovikov. “Proceeds from the IPO will enable us to further invest in providing the best IT solutions and services to our customers and will support the development and execution of our ambitious growth strategy. This strategy combines organic expansion and complimentary M&A transactions, enabling us to continue to deliver a full range of IT services to a large and growing market of customers.”

Earlier this month, Softline acquired the licensing business of Squalio in Latvia, Lithuania, Belarus and Estonia.