Square One Law’s corporate team advised client Synety Group, which specialises in the provision of cloud-based telephone call-control systems, as it placed 1,800,000 ordinary shares on the AIM.
The shares, along with an additional open offer to current shareholders, should raise up to £5m for the London-based software and telco company.
The net proceeds of the placing will be used primarily to continue to expand UK operations and adding additional resource to integrate with further CRM platforms.
A smaller proportion of funds will be used to expand the technology platform to increase its resilience, capacity and territorial reach and to enable it to provide a better service for international companies.
The remainder of the funds raised pursuant to the Placing will be used to initiate entry into the US market, including establishing a sales and marketing office and investing in the platform build.
Synety executive chairman Simon Cleaver said: “The group is experiencing significant and rapid growth and this fundraising will provide the means to accelerate our growth plans.
“Our technology has proved to be an important tool for our expanding roster of partners and we now feel confident to deploy part of the funds raised to extend our marketing to the USA where many of these partners are headquartered.”
Square One Law’s corporate team, was led by partner Jeremy Swift, assisted by associate Jemil Visram and trainee Jenny Atkin.
Swift said: “I am delighted that the placing has so far secured £4.5m. That the fundraising was oversubscribed sends a positive message about Synety.”