Software firm Checkit reports £21m equity placement

Software firm Checkit reports £21m equity placement as it targets ‘deskless workforce’ and expansion in North America

  • The ‘smart trading’ business offers shares to investors at 46p each
  • Checkit customers include big name companies such as BP, Sodexo and Center Parcs
  • In the short term, the firm aims to double its annual recurring revenue (ARR)










Software company Checkit is planning a major capital raise to help expand in North America and boost trade with companies in the officeless worker sector.

The “smart operations” business hopes to raise around £21million by offering shares to investors at 46p apiece, a modest discount from the group’s closing share price on Thursday.

Up to £10m will go towards sales and marketing, including £2-3m for US marketing, with the bulk of the remaining £11m going to product development, such as the smart building technology.

Technology provider: Software company Checkit plans major fundraising to help expand in North America and boost business with officeless workers

In the short term, Checkit is aiming to double its annual recurring revenue (ARR) to eventually earn £100m a year, in part by transitioning to an all-software-as-a-service business.

He revealed he had already more than quintupled his sales pipeline year-to-date to £13.2m, thanks to strong demand from existing customers.

Based in Cambridge, Checkit offers technology focused on increasing productivity and tracking the progress of employees and assets in industries with high levels of ‘deskless’ employment.

Current customers, which the company says number more than 500, include big companies such as French foodservice group Sodexo, Center Parcs and oil giant BP, and organizations like the National Health Service.

The software provider believes the potential for expansion is significant as the majority of businesses still use paper and other manual processes in their work, which can lead to what it calls “dark operations”.

Checkit defines the term as when “a large portion of operations are hidden, making it difficult for managers to measure productivity and identify risks and opportunities within their business.”

Purpose: Checkit offers technology focused on increasing productivity and tracking the progress of employees and assets in

Purpose: Checkit offers technology focused on increasing productivity and tracking the progress of employees and assets in “deskless” industries like healthcare and hospitality

According to business management consultancy Quinyx, around 2.7 billion people are employed in the officeless workforce globally, accounting for around four-fifths of the entire workforce. global work.

Digitizing this industry would, according to Checkit, lead to lower costs, greater efficiency and allow companies to better track and improve the performance of their employees and assets.

The firm estimates that around £570bn could potentially be spent on technology by the officeless sector to bolster its operations, and it could potentially grab a 5% share, or £27bn, of that. Marlet.

He said his “platform is designed to make pen and paper obsolete by giving deskless workers the technology they need.” By optimizing and automating business operational performance levels, it can help customers scale and grow through improved efficiency.

Checkit bosses also believe it is well-positioned to benefit from a “large, fragmented market” as competitors offer a more limited product offering.

They want to expand the group’s reach into four other sectors – logistics, manufacturing, education and construction – to strengthen its presence in hospitality, retail and healthcare.

“By scaling both product and go-to-market functions, there are significant opportunities for expansion into these adjacent industries,” the company noted.

“Against this backdrop, the company has identified a number of areas where it believes it can continue to accelerate its growth in order to capture market share and improve its products to maintain its market position and further develop its customer base. “

Checkit share price closed 2.1% lower at 47p on Friday.

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