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Seneca Partners backs AppScatter IPO

Seneca Partners backs AppScatter IPO

AppScatter Group Plc, a British start-up that helps developers distribute their apps beyond the traditional venues provided by Apple Inc. and Alphabet Inc.’s Google, jumped on its stock market debut Tuesday, gaining as much as 16 percent from the issue price.

AppScatter traded at 72.5 pence as of 12:12 p.m. U.K. time on London’s AIM board for growth companies after selling shares at 65 pence apiece, giving it a market capitalization of about 46 million pounds ($60 million).

The company’s platform allows developers to track their apps’ performance across 50 stores selected from a pool of 300, helping them to determine which are the most profitable. Those on the list range from Tencent Holdings Ltd.’s MyApp, China’s largest store, to lesser-known vendors like Mexico’s Appsmania.

Developers that offer their apps in at least 10 additional stores can expect an increase in downloads of 200 percent to 300 percent, AppScatter’s founder and Chief Executive Officer Philip Marcella, 53, said in a telephone interview. Almost half of global app downloads take place outside of Apple and Google’s stores, he said.

AppScatter has a first-mover advantage and little direct competition in alternative app store distribution and analytics, Edison Investment Research analysts led by Katherine Thompson said in a note, estimating revenue for the company of 3.3 million pounds in 2017, growing to 10.3 million pounds in 2018.

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