nCipher readies itself for IPO

Cambridge-based security and PKI (public key infrastructure) specialist nCipher is to float on London Stock Exchange.

Alex van Someren, co-founder and CEO of nCipher, said: "I'm very happy with the market. London has shown that it's still very interested in quality technology stocks." The choice not to list in the US was deliberate, van Someren stated. "Nasdaq hasn't been looking so receptive to technology stocks since April. It doesn't feel welcoming." However, he didn't rule out the possibility of a second listing in the US in the future. Deutsche Bank has been appointed as sponsor and financial advisor, and will lead the listing in partnership with ING Barings. Although no date has been released, van Someren said it is likely to be a "matter of weeks". The company, founded in 1996 by brothers Nicko and Alex van Someren, this year ranked tenth among Bain & Company's leading UK internet start-ups and won Alex the Ernst & Young's Entrepreneur of the Year award. The money raised from floatation will fund the expansion of nCipher's sales, marketing and R&D divisions. "We'll be looking at other technologies," said van Someren. "You can never do too much innovating." The company is also planning a move into professional services and security consulting.