British data group Quantexa exploring UK or US IPO

British artificial intelligence company Quantexa is mulling a multibillion-dollar stock market listing in either the United Kingdom or the United States, according to its chief executive Vishal Marria. Marria stated that Quantexa, which has been "IPO-ready" since January, has not yet determined when it will pursue a public offering and could remain privately held.

The CEO explained that a U.S. listing would provide a deeper pool of capital and the potential for a higher valuation compared to a listing in the UK. Quantexa specializes in AI software that helps organizations, such as financial institutions, healthcare providers, and government agencies, manage and analyze vast amounts of data for purposes like fraud detection and preventing financial crimes.

The company secured a major contract worth £175 million ($223 million) with Britain's revenue and customs agency to integrate internal and external data sources. Furthermore, Quantexa is vying for the National Health Service's (NHS) planned single patient record program, which would enable staff to access patients' medical histories via a unified system.

Despite the company's potential listing, Marria emphasized that data sovereignty depends more on customers' ability to retain ownership and control of their data and easily transfer it when contracts end, rather than the company's headquarters location. Warburg Pincus, a minority shareholder with a 9% to 10% stake in Quantexa, is collaborating with Citigroup to evaluate options for its investment, including a potential sale, according to sources familiar with the matter. However, the possible stake sale is still at an early stage, and a deal is not assured.