Checkit plc (AIM:CKT) (CKT) said the board has commenced a Formal Sale Process to investigate a sale of the company, citing a gap between operational progress and its AIM valuation, the filing said.
The company said it had received six unsolicited expressions of interest over the past nine months but was not in active discussions with any potential offeror; prior talks had focused on an asset sale outside the remit of the Takeover Code.
The group's ordinary shares "currently trade on an enterprise value multiple of approximately 1.0x ARR", a level the board believes undervalues the business. The firm added that the board sees "a disparity between the company's improving performance and its valuation on AIM".
The board described Checkit as a subscription‑led, hardware‑enabled operational intelligence platform with mission‑critical deployments, high switching costs, proprietary data capture and a repeatable land‑and‑expand model across customers in the UK, US, Ireland, Australia, New Zealand and continental Europe.
The Formal Sale Process is being run alongside adviser Singer Capital Markets; interested parties will be invited to enter non‑disclosure and standstill arrangements before receiving information and submitting proposals.
