15th Jul 2014 11:45
LONDON (Alliance News) - Cloud-based software and communications company Synety Group PLC shot down speculation that it was looking to acquire or merge with Outsourcery PLC Tuesday.
Synety said it had not entered into any discussions to buy or merge with the cloud service provider.
Outsourcery was co-founded by Piers Linney, currently a member of the panel on the BBC television series 'Dragons Den.' In June, Outsourcery said it was exploring financing options as it cut costs, because the sales pipeline of its strategic partner channel has taken longer than expected to ramp up.
Amongst the financing options begin considered was the possible revision or extension of its debt facilities, investment from one of its strategic partners, or raising additional equity.
Shares in Synety were trading down 1.7% at 226.10 pence Tuesday morning, whilst shares in Outsourcery were trading up 4.5% at 30.82 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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