Olswang has advised MoPowered, a leading mobile commerce enabler, on its admission to trading on the London Stock Exchange's Alternative Investment Market (AIM). The placing, which was oversubscribed, raised £4.0 million in total, with gross cash proceeds for the Company of £3.64 million. MoPowered's market capitalisation on admission, based on the placing price, was approximately £15.8 million.

MoPowered has developed and offers a 'Software-as-a-Service' ('SaaS') platform for online retailers and e-commerce businesses to enable fully transactional mobile commerce. With over one million mobile transactions in the last year and over 120 contracted clients, MoPowered has first mover advantage in the UK market for mid-tier and specialist merchants. Key referral agreements are in place with PayPal, Worldpay, Sage Pay and DataCash, who between them provide payment services to over 80 per cent of UK online merchants. Amongst its contracted clients, MoPowered has a number of high profile businesses, such as the BBC Shop, which demonstrates its ability to attract established, mainstream retailers.

Dominic Keen, Chief Executive of MoPowered, commented: "It was important for us to be advised on such an important step for our company by lawyers who not only could look after the legal complexities of an IPO, but could also bring a familiarity with the mobile technology and e-commerce sector.  Olswang played an essential role in the success of this transaction, which will allow MoPowered to benefit from the strong and accelerating growth in m-commerce and establish a market leading position."

Rob Willis, Partner in the Corporate group at Olswang, commented: "The last year has seen the TMT sector reviving corporate activity in London. The growth of e-commerce, the adoption of SaaS as a technology delivery method and the fast adoption of smartphones for e-commerce make MoPowered the perfect candidate for investment, as evidenced by the strong support from institutional investors in this AIM IPO. We were delighted to advise on this project and look forward to seeing MoPowered fulfil their potential and secure a market leading position."

The Olswang team was led by partners Rob Willis and Simon Morgan, who were supported by associates Chris Smith and Poppy Weston-Davies (Corporate), Alice Himsworth and Ross McKean (Commercial & Regulatory), Catherine Merry and Andrew Quayle (Employee Incentives), Aminder Khatkar and Stephen Reese (IP) and Stephen Baker (Real Estate).