A BLACKBURN technology firm is set to float on the stock exchange in the New Year, valuing the firm at up to £500million.

Promethean, based in Lower Philips Road, is a world leader in interactive whiteboards which feature in around three-quarters of classrooms in British schools.

And a £500 million-pound initial public offering (IPO) would mean that the firm’s founder, businessman Tony Cann, would be in line for a huge windfall as he retains a 50 per cent share of the company.

Mike Damms, the chief executive of the East Lancashire Chamber of Trade, said the firm was the ‘pride of East Lancashire’ and showed that the region could grow hugely successful firms.

He said: “It is a superb company and contributes so much to the community.

“It shows that a company that is dedicated to a successful business model, as well as improving the lives of so many children around the world with its products, can be a great success.”

He said the IPO would allow the company to continue to grow and become stronger across the globe.

The company’s valuation is driven by huge growth potential in America, where only a quarter of classrooms are equipped with interactive technology.

Promethean has appointed London bank Gleacher Shacklock as a financial adviser, a sign that the IPO plans are progressing swiftly.

Mr Cann founded the company in 1996 and still owns about half of the company.

Private equity firm Apax owns around 25 per cent of the business after investing in the company back in 2004.

Interactive whiteboards are fast replacing chalkboards in schools and they are already being used in around 75 per cent of British classrooms. The company supplies interactive whiteboards to schools in more than 90 countries and the market is expected to grow at around 30 per cent a year.

The company’s revenues soared 49 per cent to £151m in 2008, and it expects to grow that figure to around £200m this year.

Promethean is chaired by Graham Howe, co-founder of mobile telecoms giant Orange, while its chief executive is Jean-Yves Charlier, who ran COLT Telecom, and before that was chief of operations at BT Global Services.

As well as its Blackburn headquarters, where 250 people work, Promethean has offices in the US, Singapore, Hong Kong, China, Bahrain, France and Germany.

Bosses at Promethean said they were legally bound not to comment on the issue.