Hardman & Co Research: Initiating Coverage: Next Generation RegTech

Anemoi International Ltd (Anemoi) has acquired id4, a Swiss-based, young but fast-growing developer of RegTech software solutions for small- and mid-sized financial institutions. With an advanced modular product platform and a No-Code development approach, which allows the software to be configured by non-programmers, id4 is experiencing strong rates of customer adoption. Key customers include private banks and asset managers in Switzerland, id4's home market. Sales expansion into the UK is underway. Our valuation analysis suggests an implied fair value for Anemoi of £10.8m vs. the current market cap of £5.3m.

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