3rd Jun 2025 16:20
(Alliance News) - Pri0r1ty Intelligence Group PLC on Tuesday announced it has raised GBP1.0 million via a placing, and has agreed a potential acquisition with its joint venture partner.
The London-based software company which focuses on artificial intelligence and growth services for SMEs raised gross proceeds of GBP1.0 million before expenses via the placing of 41.9 million new shares at 2.5 pence each with institutional and sophisticated investors.
The issue price represented around a 31% discount to the group's share closing price on Monday, with the placing shares representing around 43% of Pri0r1ty's existing share capital.
Shares in Pri0r1ty Intelligence were down 32% at 2.47p each in London on Tuesday afternoon. The stock is down 77% over the past year.
Proceeds from the placement will be used to support the firm's ongoing business operations, including capitalising on "numerous" client acquisition opportunities and funding growth opportunities.
Pri0r1ty also on Tuesday said it has signed a non-binding term sheet for the acquisition of sports data management firm Halfspace Ltd, to build on the existing Capitano joint venture between the two companies.
The Capitano AI platform was launched in March and acts as a unified data intelligence solution, consolidating data sources such as performance statistics, fan engagement metrics, ticket sales and merchandise analytics.
The takeover deal remains subject to due diligence, and Pri0r1ty will provide further details should a share purchase agreement be entered into.
"This fundraising represents an important step in Pri0r1ty's evolution as we continue to position ourselves at the forefront of technological innovation. The potential acquisition of Halfspace alongside our existing business growth opportunities and potentially, expanded treasury management strategy, reflects our commitment to exploring cutting-edge technologies and businesses that complement our AI expertise. We look forward to positioning the company as a group structure spanning, AI, Big Data and Digital Assets with the ability to be nimble and integrate new technologies such as cryptocurrency as our customer needs mature," said Pri0r1ty Chief Executive Officer James Sheehan.
"The proceeds will enable us to explore new opportunities for value creation while maintaining focus on our established AI platform business."
CEO Sheehan continued: "We believe that adopting a progressive approach to treasury management, combined with our continued investment in AI technology development, positions Pri0r1ty well for sustainable growth."
By Emily Parsons, Alliance News reporter
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