Cyan's AIM float to raise £6million - Embedded.com

Cyan’s AIM float to raise £6million

LONDON — Cyan Holdings, which develops low powered, configurable microcontrollers, is looking to trade its ordinary shares on the Alternative Investment Market (AIM) of the London Stock Exchange from December 5. The company is said to be rasing £6million when it lists which will value it at £25million.

Cyan (Cambridge, England) was a spin out from Cambridge Consultants in 2002 with a 25 year license to use its 16-bit core, the same core used in CSR's first Bluetooth chips. It has achieved 75 design wins for its initial eCOG1k product and is expanding the range of the patent-protected eCOG1 family.

The company is also developing 32-bit devices for use consumer entertainment designs and opened a sales and technical support office in Hong Kong in May 2005.

The company has also developed the CyanIDE design integration support software for its current and future microcontrollers to avoid relying on standard tools from third party suppliers. Company directors, whilst believing its range of MCUs to be competitive, regard this proprietary design integration software, to be a key factor in the Company's success.

Paul Johnson, founding director and CEO of Cyan said, “This is an extremely exciting opportunity for the Company. Having achieved a number of design wins for the first product, the flotation on AIM should provide Cyan with the opportunity to expand its product range and exploit the high-growth semiconductor market in which it operates.”

Dr John Read will join Cyan Technology as non-executive upon admission to AIM. He has a career spanning 30 years in the semiconductor industry. He began as Director of Engineering in 1973 with US-based Honeywell Solid State Centre and has since held senior positions at Texas Instruments, STC Telecommunications, Marconi and latterly as Joint President at GPS Plessey Semiconductors.

Professor Mike Hughes, Chairman of Cyan, previously of GEC and CEO of Midlands Electricity PLC, said, “He has considerable experience in the semiconductor industry, start-ups and PLCs which will be invaluable to our strategy. When I joined I was very impressed in general with the expertise and capability of Paul Johnson's team.”

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