Progressive Analysts George O'Connor and Ian Robertson catch up on events in and around the UK small and mid-cap listed tech.

Visma – potential London IPO. Parallels with Sage are inevitable. Visma has grown through acquisition, but still delivers on organic growth. It does not, however, scale per the SaaS storybook. A judgement in store not just for London vs the world but PE valuations vs reality and analysis too?

IP Group capital markets event – Ian is hugely enthusiastic and reminded that UK tech is alive and well. The presentations highlighted the scale up issue – where the UK still struggles. The comments re the Mansion House Accord should be noted by public market participants.

Dotdigital’s acquisition of Social Snowball raises the ongoing question whether the UK public market’s investors’ lack of ambition for software companies with a focus on high margins at the expense of marketing and development may condemn UK tech companies to have to play catch up via expensive acquisitions.

Updates from companies, including TPX Impact and Made Tech suggest that the UK public sector now has a better sense of itself and is returning spending.