Citel floated on Aim on 7 July 2006. A placing at 95p a share raised £8.2m (£7.4m net of expenses) and valued the company at £20.6m. It developed and sold Voice over Internet Protocol (VoIP) solutions for businesses. Tortel USA is paying $2.3m for the business. This may be adjusted up or down based on the value of stocks and work in progress.