Transact appoints new non-executive chairman prior to IPO

Patrick Snowball has been appointed as the non-executive chairman of IntegraFin Holdings, the holding company of Transact.
The decision comes in preparation for an initial public offering in 2018, in which Transact intends to float a quarter of its share capital. The stock market launch has been planned since 2015, but certain changes are necessary in order to meet corporate governance guidelines, such as the requirement to have a non-executive, instead of an executive, chairman. The current executive chairman, Mike Howard, will step aside as a result of the stipulations. However, Howard will continue to be an executive director on the IntegraFin Holdings board.
Transact’s pre-tax profit for the year to the end of September 2016 were over £20 million. Snowball, the former CEO of Snowcorp Group and head of Aviva’s UK life and insurance firm, revealed that he was optimistic about Transact’s IPO, calling Transact’s position “an attractive market segment”.
“Taking [Transact] to a listing and beyond will be an exciting opportunity,” he said.