2nd Apr 2014 14:03
LONDON (Alliance News) - Ubisense Group PLC Wednesday said it has raised GBP4.2 million from a placing of 1.9 million shares at a price of 220 pence per share.
Ubisense provides hardware, software and services to businesses to track people and assets.
The company said the cash was made through a non pre-emptive placing to institutional investors in order to fund investment in growing the company's solutions business division
Ubisense said the placing price represents roughly a 4.3% discount to the closing price of Ubisense's shares on April 1.
The company said its solutions business generated total 2013 revenues of GBP13.4 million and is a higher margin, scalable division.
Ubisense said it also plans to use the placing proceeds to replicate its German business model, which enjoys higher cash generation and profitability, in other geographies, such as North America, through investing in sales personnel and sales support.
Ubisense shares were down 1.3% to 227 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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