Audiboo, the British cloud audio platform which once competed with Soundcloud but has found a niche working with media companies, has confirmed its plans for a small public listing on the London Stock Exchange’s Aim market.
It’s achieving this via a reverse takeover of the cash shell company One Delta (which has lain dormant for some time).
The news comes after floated media company UBC and Slovar Ltd – who together hold 78.86% of the issued share capital of Audioboo – agreed to swap their investment in AudioBoo for shares in One Delta. UBC will hold about 20% of Audioboo following the deal.
The floatation will be accompanied by a £4m fundraising from Audioboo to boost its business facilitating podcasts and recordings for partners including the BBC, the Premier League and the National Trust wildlife charity.
It’s all a far cry from when AudioBoo and Soundcloud where uttered in the same breath.
This January Soundcloud raised $60m at a $700m valuation.