Quantexa Explores Multibillion-Dollar IPO as British AI Company Weighs UK or US Stock Market Listing

British data group Quantexa explores UK or US IPO, sources say

LONDON, Aug 18(Reuters) - British artificial intelligence company Quantexa is considering a multibillion-dollar stock market listing in Britain or the United States, its chief executive told Reuters. "We can list in the UK or the U.S., or both," Vishal Marria said, adding that the company ⁠has not decided when to pursue a public offering and could remain privately held. A U.S. listing would deal a further blow to London's stock market, which has seen a string of companies opt for U.S. exchanges. Marria said the U.S. offers a ⁠deeper pool of capital and the potential for a higher valuation than the UK. Marria said Quantexa has been "IPO-ready" since January but declined ⁠to comment on the timing of any IPO. Founded in 2016, Quantexa's AI software helps organisations, including ⁠financial institutions, healthcare providers and government agencies, organise and analyse large volumes of ⁠data for uses including fraud detection and financial crime prevention. Reporting by Amy-Jo Crowley. Editing by Anousha Sakoui and Mark Potter Our Standards: The Thomson Reuters Trust Principles., opens new tab

Quantexa considers listing in UK or US markets By Investing.com

Investing.com -- British artificial intelligence firm Quantexa is exploring a multibillion-dollar stock market listing in either Britain or the United States. "We can list in the UK or the U.S., or both," Chief Executive Vishal Marria told Reuters. The company has not determined when it will pursue a public offering and may choose to remain private, the report added, the report said. A decision to list in the United States would represent another setback for London's stock market, which has watched multiple companies select U.S. exchanges in recent years. Marria noted that the U.S. provides a larger pool of capital and the possibility for higher valuations compared to the UK. The chief executive said Quantexa has been "IPO-ready" since January but would not discuss the timing of any potential initial public offering. Quantexa, established in 2016, develops AI software that helps organizations such as financial institutions, healthcare providers and government agencies organize and analyze large amounts of data. The technology is used for applications including fraud detection and financial crime prevention. Some British politicians and technology leaders have called for public bodies to prioritize domestic technology providers over U.S. competitors like Palantir, whose data platform is used by the UK's National Health Service. Prime Minister Andy Burnham said in July that Britain should use public procurement to support domestic industry. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

British data group Quantexa exploring UK or US IPO

LONDON, Aug 18 (Reuters) - British artificial intelligence company Quantexa is considering a multibillion-dollar stock market listing in Britain or the United States, its chief executive told Reuters. "We can list in the UK or the U.S., or both," Vishal Marria said, adding that the company has not decided when to pursue a public offering and could remain privately held. A U.S. listing would deal a further blow to London's stock market, which has seen a string of companies opt for U.S. exchanges. Marria said the U.S. offers a deeper pool of capital and the potential for a higher valuation than the UK. Marria said Quantexa has been "IPO-ready" since January but declined to comment on the timing of any IPO. Founded in 2016, Quantexa's AI software helps organisations, including financial institutions, healthcare providers and government agencies, organise and analyse large volumes of data for uses including fraud detection and financial crime prevention. UK CONTRACTS Some British politicians and technology executives have argued that public bodies should favour domestic technology providers over U.S. rivals such as Palantir, whose federated data platform is used by the UK's National Health Service. New Prime Minister Andy Burnham said in July that Britain should use public procurement to support domestic industry. Marria, however, said data sovereignty depends less on where a supplier is headquartered and more on whether customers can retain ownership and control of their data and move it elsewhere when contracts end. Earlier this year, Quantexa announced a £175 million ($223 million) contract with Britain's revenue and customs agency to combine internal and external data sources to improve fraud and error detection. The company is also competing for the NHS's planned single patient record programme, which would allow staff to access a patient's medical history through a single system, Marria said. He said Quantexa's software works with existing systems and reduces the risk of vendor lock-in, helping the NHS to retain control of its data. SHARE SALE Meanwhile, minority shareholder Warburg Pincus is working with adviser Citigroup to explore options for its 9% to 10% stake in the London-headquartered company, including a possible sale, two people with knowledge of the matter told Reuters. The potential stake sale has not previously been reported. Other investors could also sell shares as part of the process, the sources said, speaking on condition of anonymity because the discussions are private. Marria declined to comment on the possible stake sale. Warburg Pincus and Citi also declined to comment. The process is at an early stage and Warburg Pincus is expected to launch an auction later this year, the people said, while cautioning a deal is not guaranteed. Quantexa was valued at about $2.6 billion last year when it raised $175 million in a Series F funding round led by Teachers' Venture Growth, part of Ontario Teachers' Pension Plan, according to a company statement. Warburg Pincus first invested in July 2021, leading a $153 million Series D funding round. (Reporting by Amy-Jo Crowley. Editing by Anousha Sakoui and Mark Potter)