- Dubber Corporation (DUB) plans to raise $110 million for merger and acquisition opportunities, and speed up the company’s product development
- The company will offer around 37 million shares at $2.95 each, a 7.8 per cent discount to the last closing price
- For the fourth quarter, Dubber recorded a revenue of $7.4 million, an 189 per cent increase from the previous corresponding period
- Cash in hand at the end of the period was $32 million
- Trading in Dubber shares has been paused until Wednesday, July 28, or when it completes the raise. They last traded at $3.20 per share
Dubber Corporation (DUB) is planning to raise $110 million for merger and acquisition opportunities and speed up the company’s product development.
The company will offer around 37 million shares at $2.95 each, a 7.8 per cent discount to the last closing price of $3.20.
Dubber is a cloud-based call recording software that operates as a software-as-service and voice data offering.
Additionally, the company has also released its fourth-quarter report.
Revenue for the period was recorded at $7.4 million, an 189 per cent increase from the previous corresponding period. Dubber has annualised recurring revenue of $39 million, up 142 per cent.
The company reported more than 420,000 subscribers for the quarter, up 118 per cent from last year. Cash in hand at the end of the period was $32 million.
During the quarter, the company significantly expanded its commercial relationship with Cisco. Under the agreement, Dubber is now a standard feature of every subscription for Cisco’s Global cloud telephony platforms Webex Calling and UCM Cloud.
CEO Steve McGovern is pleased to continue the growth from the previous quarter.
“We are now one year into a five-year plan that is heavily focussed on expanding its network footprint, increasing ARR and developing revenue-generating products and services which can be deployed at scale as a service directly from voice networks,” Mr McGovern said.
“Our goal for the first year was to double the size of Dubber’s business – from a base of approximately $15 million annual recurring revenue (ARR) and 190,000 subscribers, which the team has accomplished and exceeded. The opportunities for taking up of the Dubber platform, both as a Service Provider and an end-user level, have also been accelerated against a landscape where there are multiple key drivers.”
While the company completes the placement, Dubber shares have been paused until Wednesday, July 28, or when it completes the raise.
Dubber last traded at $3.20 per share.