LONDON: Ikigai Ventures Ltd, a special purpose acquisition company listed on London’s Main Market, said Monday it has agreed to acquire international technology group Dotlines in a £55.7 million all-share deal and will move its enlarged share capital to the AIM market.
The acquisition of Dotlines (Guernsey) Ltd and Audra Solutions Ltd — collectively operating in telecommunications, digital infrastructure, cybersecurity and financial technology — will be satisfied entirely through the issue of new ordinary shares upon admission to AIM. The combined group’s market capitalization on admission is expected to be approximately £57.9 million, based on an issue price of 9.5 pence per share.
The company also plans to change its name to Dotlines Global Ltd and trade under the ticker symbol DOTL. Trading on AIM is expected to begin at 8 a.m. on May 11, 2026, concurrent with the cancellation of its listing on the Official List’s shell companies category and the Main Market.
Dotlines was founded in Malaysia in 2007 as a bespoke B2B software developer and has since evolved into a U.K.-headquartered group with two main divisions. Its Sohoj Platform, a digital lifestyle platform serving migrant populations in Malaysia, has reached more than 1 million users. In 2025, the company began developing a non-diaspora customer segment through a partnership with Touch ’n Go, Malaysia’s most popular mobile wallet provider.
The group’s telecom products and services division, launched in the U.K. in July 2025, includes the Catena operations support system and business support system software platform, Audra cybersecurity solutions for small businesses and consumers, and Carnival Internet, a full-fibre broadband service. Contracts have been signed with three U.K.-based internet service providers, and a pipeline of prospective business has been developed.
Revenue for the digital content and services division grew to approximately £20.5 million in 2024 from £16.5 million in 2022, with profit before tax of £1 million, up from £600,000. The telecom division reported revenue of £97,000 for the year ended July 31, 2025, with a loss before tax of £758,000, reflecting early-stage rollout.
“We are delighted to have reached this key milestone,” said Kane Black, CEO of Ikigai Ventures. “The Dotlines Group is well aligned with our strategy to acquire technology-enabled businesses with operating activities and experienced management teams.”
Mahbubul Matin, founder of the Dotlines Group and proposed executive chairman of the company, said: “This transaction will provide a strong platform to facilitate our growth in the U.K. and internationally and to support the delivery of our goal to provide customers with improved digital connectivity, digital security and digital services supporting financial inclusion.”
An extraordinary general meeting has been called for shareholder approval of the resolutions, including the acquisitions and the move to AIM. An admission document was published Monday and dispatched to shareholders.