SmartSpace Software plc, (AIM:SMRT) the leading provider of ‘Integrated Space Management Software’ for smart buildings, commercial spaces and hospitality announces that it has agreed to acquire the entire issued share capital of Space Connect Pty Limited (“Space Connect”) for a total consideration of AUD 6.0 million (approximately £3.2 million), to be satisfied by the issue of up to 2,026,234 ordinary shares of 10 pence each in the capital of the Company and cash of approximately £1.6 million (the “Acquisition”).
In order to fund the cash consideration payable in respect of the Acquisition as well as additional working capital and growth capital for the enlarged Group, SmartSpace also announces the Company has raised approximately £3.44 million through a placing of 4,747,587 new ordinary shares of 10 pence each in the Company at an issue price of 72.5 pence per Placing Share.
Commenting on the Acquisition and the Placing, Frank Beechinor, CEO said:
“We are delighted to announce the acquisition of Space Connect and fundraising which was supported by new and existing shareholders. Through this acquisition, we are confident we can accelerate growth through our ability to cross-sell in our mid-market business, continuing our transformation into a pure play SaaS business.”
Singer Capital Markets is acting as Nominated Adviser and Joint Broker alongside Canaccord Genuity.
Market Cap: £16.4 million*
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*As at 31/10/2019
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