28th Jan 2022 10:40
(Alliance News) - Brandshield Systems PLC on Friday said revenue growth was strong in 2021, as it raises GBP1.5 million to invest in its growth.
Israel-based cybersecurity software company reported revenue for 2021 was up 57% to USD4.1 million from GBP2.6 million the previous year. Its annual recurring revenue was up 59% year-on-year to GBP5.2 million from GBP3.3 million. New business annual recurring revenue was also up 44%, with customer deployments up 69% to 130 in total.
The company had cash reserves of USD1.2 million on December 31.
The firm also placed a total of 10.7 million shares at a price of 14 pence each, as well as 5.4 million warrants at an exercise price of 20p and exercise period of three years. The new shares will constitute 8.3% of the company's 128.7 million issued share capital.
The software company's share price dropped 4.9% to 14.50 pence each in London on Friday morning.
The proceeds will be put towards sales and marketing efforts, near-term sales pipeline conversion, and ongoing software development, Brandshield said.
Yoav Keren, Chief Executive Officer, said: "We achieved significant strides in 2021 both financially, as demonstrated in our significant increase in ARR, a key metric for the group, and operationally, with our market-leading solution central to our ongoing success.
"We believe this additional funding will enable us to execute on a number of near-term opportunities in our organic pipeline as well as transform our go-to-market strategy to generate sustained long-term growth.
By Elizabeth Winter; [email protected]
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