Kneat, an Irish-founded company that provides software for the life sciences, healthcare and other heavily regulated industries, has shifted its listing to the main Toronto Stock Exchange (TSX) as it reported a huge surge in annual revenues.
Founded by Eddie Ryan, Kevin Fitzgerald and Brian Ahearne in Limerick in 2006, Kneat officially became a Canadian company in 2015 after a reverse takeover that led to a listing on the TSX Venture Exchange (TSVX).
The company, whose operational headquarters remain in Limerick where the majority of its 160 employees are based, this week announced it has uplisted to the main exchange.
Mr Ryan, Kneat’s chief executive, said the move would increase brand awareness and access to institutional investors.
“Kneat has demonstrated tremendous growth since its initial listing on the TSXV. With our increased scale and growing total addressable market, we believe it’s the ideal time to graduate to the TSX, ” he said.
“This listing will not only increase global visibility for Kneat and our industry leading technology, but also provide us with access to a broader range of investors seeking to invest in one of the world’s leading life sciences software companies,” Mr Ryan said.
The move comes as Kneat announced a 217 per cent jump in annual recurring revenues (ARR) - a key metric for Software-as-a-Service (Saas) companies - in annual revenues to $12 million (€10 million) from $3.8 million.
Processes
Total revenues jumped 91 per cent in the third quarter to $3.7 million from $2 million, with ARR up 276 per cent to $2.6 million.
Kneat has developed cloud-based software that ends paperless validation processes by digitising them. It is used by most of the leading global life sciences companies, including Biogen.
The company secured 22 million Canadian dollars in financing in May from a share offering. This came came on top of a 14.5 million Canadian dollar investment through a similar offering a year earlier.
“Despite the challenges presented by the pandemic, we are experiencing no significant adverse effects on our business across customer acquisition, fulfilment and operations. Our customers tell us that our technology has aided their business continuity efforts during the pandemic because it allows them to manage a large proportion of their validation process remotely,” Mr Ryan told shareholders during a conference call.
