PROACTIS Raises £2.2m to Support M&A Growth Strategy
PROACTIS Holdings PLC, a global Spend Control and eProcurement solution provider, today announced it has raised £2.2 million, before expenses, through the issue of 4,400,000 new ordinary shares.
Following the acquisition of EGS Group Limited in February 2014, PROACTIS stated, within its Interim Results announcement on 3 March 2014, that it is committed to M&A as a core element of its growth strategy. This Placing has been completed to support further acquisition opportunities and for general working capital purposes. The Group is currently evaluating a number of target companies although no terms have been agreed and there can be no certainty of a transaction at this time.
Rod Jones, Chief Executive Officer, commented: "We are delighted to have completed this placing and we were encouraged by the demand for the Group's stock in the market from new and existing institutions. The additional capital will enable the Group to move forward decisively with the M&A element of its growth strategy and we look forward to deploying this capital efficiently."
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