Join our daily newsletter At The Bell to receive exclusive market insights
- Payment software company IODM (IOD) has successfully raised $1.75 million by way of a placement
- To raise the funds, more than 11.6 million fully-paid ordinary shares were issued to a U.K. investor at 15 cents each
- IODM will primarily use the funds for its global commercial expansion, specifically in its sales and business development teams
- Additionally, the money will also be used to speed-up client onboarding to ease implementation of companies that were not able to join this past quarter
- Shares are expected to settle on January 6 and begin trading on the ASX the following day
- IODM is steady on the market and shares have been trading at 16.5 cents since December 24
Payment software company IODM (IOD) has successfully raised $1.75 million by way of a placement.
The company entered a trading halt earlier in the week but did not disclose how much it intended to raise or what the funds would be used for.
All up, 11,666,667 fully-paid ordinary shares were issued to a U.K. investor at 15 cents each.
IODM will primarily use the funds for its global commercial expansion, specifically in its sales and business development teams.
The company stated that these expansions will broaden its offering through strategic partnerships and key industries.
Additionally, the money will be used to speed-up client onboarding, thus easing the implementation of companies that were not able to join in the past quarter.
Shares are expected to settle on January 6 and begin trading on the ASX the following day.
“IODM Connect has a proven efficacy in accounts receivable automation for large enterprise clients reflected in our record pipeline,” CEO Mark Reilly said.
“This investment enables us to accelerate our commercialisation objectives, while broadening our institutional shareholder base with an investor highly aligned with our strategy. We are very excited about what 2021 has to offer for shareholders and the company,” he added.
IODM is steady on the market and shares have been trading at 16.5 cents since December 24.
