Veremark, a company specialising in background checks and screening technology, has announced plans for a £6m employee share sale on the London Stock Exchange’s Private Securities Market (PSM). This transaction will allow employees to sell vested equity alongside early investors.
Daniel Callaghan, Veremark's chief executive, stated that the market offers an efficient way to make savings on stamp duty for both buyers and sellers, and provides the credibility and connections the company sought. He added that the London market will grant the firm access for its next phase of growth.
The Pisces market, introduced by the government last year, facilitates secondary share sales for private companies. Veremark's use of the platform follows earlier sales by autonomous driving company Wayve (£63m) and fintech firm Moneybox (£45m). The employee share sale is scheduled for 22 September, with the auction taking place on 7 October.