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Escher Group, a former supplier to Fujitsu, the tech giant embroiled in the Post Office scandal, is reportedly planning a return to the London Stock Exchange after its delisting in 2018.
The software company is working with bankers from Singer Capital Markets on a potential initial public offering (IPO) that could occur as early as late this year, though a 2025 listing is considered more likely, according to sources reported by Sky News.
Escher Group initially raised $25m (£19.1m) when it floated on London’s AIM market in 2011. However, in 2018, Hanover Investors, a London-based firm, took the company private in a deal valuing Escher’s shares at around £35m.
The company’s valuation in the anticipated IPO remains unclear.
Escher describes itself as “the global leader in customer engagement software for post offices and couriers.” It is helping customers manage new levels and complexities of deliveries as parcel volumes rise and letter volumes decline.
While it previously held long-term contracts with Fujitsu, the developer of the controversial Horizon software, it is not currently a supplier to the British Post Office.
The US Postal Service is a current customer, along with several retailers and companies in other sectors.
Escher declined to comment on the timing or details of an IPO. Singer Capital Markets did not immediately respond to a request for comment.