- Software company RightCrowd (RCW) has finalised the details of a $12.5 million share placement
- To raise the funds, approximately 37.9 million fully paid ordinary shares will be issued to sophisticated and institutional investors at 33 cents
- RightCrowd will use the money to speed-up global sales, strengthen and extend its capabilities in the U.S. and commercialise its cybersecurity analytics
- Furthermore, the company is aiming to reach $30 million in revenue in FY23
- To do this, RightCrowd has stated it will accelerate and increase sales, and enhance partnerships with new and existing distributors
- RightCrowd is steady on the market this morning and shares are trading at 40 cents
Software company RightCrowd (RCW) has finalised the details of a $12.5 million share placement.
The company entered a trading halt on March 22 but did not disclose at the time how much it intended to raise or what the funds would be used for.
To raise the funds, approximately 37.9 million fully paid ordinary shares will be issued to sophisticated and institutional investors at 33 cents.
RightCrowd will use the money to speed-up global sales, strengthen and extend its capabilities in the U.S., scale its presence control solutions and commercialise its cybersecurity analytics.
“With the U.S. and European economy well placed for a rapid recovery from the pandemic, RightCrowd has taken the opportunity to ensure it is able to capitalise on the expected growing demand,” CEO Peter Hill said.
“Companies of every size and scale will need to modify the way they manage the ongoing safety, security and compliance of their people and RightCrowd sees a significant market opportunity as companies change the way they operate and digitise processes at rates never seen before,” he added.
Additionally, RightCrowd is aiming to maintain a 40 per cent annual compound growth rate to reach revenue of $30 million in FY23.
For comparison, in the half-year ending December 31, 2020, RightCrowd recorded nearly $7 million in revenue.
To reach this target, the company will accelerate and increase sales and enhance partnerships with new and existing distributors.
RightCrowd is steady on the market this morning and shares are trading at 40 cents at 10:32 am AEDT.