Oslo’s Cxsense (pronounced see-sense) yesterday listed its shares on the Oslo Stock Exchange, listed with a market value of NOK 478 million (€56 million). Cxsense combines the big data and advertising world by helping publishers personalize content and target advertising. With the money raised by the listing the company plans to make strategic acquisitions.
It’s always taking a look at a company’s prospectus – where they’re forced to list the upside and risks to new investors. Of course these documents are watered down, but it’s still a good read for any SaaS company.
Cxsense had a rough time getting to listing as past CEO John Markus Lervik was sentenced to prison for market manipulation through accounting fraud for his previous company, FAST – Fast search and transfer, which developed search technology for the corporate market. FAST was acquired by Microsoft in 2006.
Lervik was said to not have any formal position or directorships in the business since earlier this year. In the prospectus he’s listed as one of the largest shareholders.
Cxsense’s shares look like they bumped up around 8% after the first day of trading. Existing shareholders have not sold off in the IPO, according to their press release.