15th Oct 2018 08:37
LONDON (Alliance News) - IP Group PLC on Monday said its portfolio company Garrison Technology Ltd completed a GBP22.9 million fundraising.
The developer of intellectual property-based businesses said it participated in the fundraising along with other investors, including NASDAQ-listed Dawn Capital, BGF and NM Capital.
Following completion of the financing round, IP Group's undiluted beneficial stake of 23% in Garrison will be valued at GBP28.8 million, representing an unrealised fair value gain of GBP15.2 million. IP Group has committed a further GBP3.8 million to Garrison as part of this funding round.
Garrison said it intends to use funds to expand its sales & marketing activities, to grow its engineering team and to enhance its cloud offering.
"Garrison is at the forefront of IT security, with one of the most advanced technologies on the market, and has huge potential for domestic and international expansion," said IP Group Technology Partner Jon Edington.
"There is strong demand for Garrison's products and this funding will help support the company's rapid growth in the UK, US and other international markets," explained Edington.
IP Group shares were down 1.8% on Monday at 110.00 pence each.
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