Online print procurement specialist TripleArc has been valued at 20m and raised 3.1m after it floated on the Alternative Investment Market (AIM) this week.

The firms share price at the end of the first mornings trading was up 23% to 37p and the capital raised will be used to fund its planned expansion.

TripleArc chief executive officer Conor OBrien said he was delighted with the way the company had been received by the market and that the firms long-term objectives were on track.

OBrien said TripleArcs decision to adopt a transactional pricing framework of between 1.5% and 3% of the jobs value paid by the supplier was a key selling point.

"Were not looking to change the way people do business, but to provide the technology to streamline the system," he said. "We are not a software company, were providing a risk-free system that streamlines business."

The TripleArc system provides print buyers with a secure online ordering platform to proof, amend, order, send and track press-ready files to their preferred client base. Printers receive PDF job files and tickets, which eliminate cross-platform formatting and font problems.

The firm, which is targeting corporate buyers with a 10m turnover, has already installed the system at around 30 print buyers and 40 suppliers, but plans a rapid expansion.

Users of the TripleArc system include One.Tel, Pret A Manger and Macmillan Cancer Relief.

OBrien said: "Printing is extremely capital-intensive and the production process itself is already streamlined. But some printers fail to respond to enquiries. This injects the same professionalism and efficiencies into the ordering process."

Story by John Davies