24th Jul 2019 10:59
(Alliance News) - Cloud communications software firm IMImobile PLC said Wednesday it has completed a share placing needed for a move into the US.
Earlier Wednesday, IMImobile announced the purchase of cloud-based customer engagement platform provider 3CInteractive Corp for USD53.2 million, in both cash and shares. The company is to pay USD43.2 million in cash, and also through the issue of 2.6 million new shares.
IMImobile is to draw down a new debt facility of USD18.7 million, and also planned a placing of 6.5 million new shares at 310 pence each, raising USD25.2 million, to fund the cash part of the deal.
This placing has now been completed, in a bookbuild run by Investec PLC and N+1 Singer.
IMImobile shares were 0.8% higher on Wednesday morning at a price of 311.50p each.
IMImobile expects the acquisition to be "immediately" earnings enhancing, and Chief Executive Jay Patel added earlier Wednesday: "We are delighted to announce the acquisition of 3C. It is a business with deep relationships with blue-chip customers and the major US mobile operator networks as well as being a pioneer in developing RCS as a channel for customer engagement.
"The acquisition will provide an opportunity to introduce the group's core Enterprise CPaaS capabilities and suite of customer engagement products into the US, which is our largest addressable market. We also hope to consolidate our strategic leadership position in introducing new communication channels to our clients and partners worldwide."
Related Shares:
IMO.L