Square One Law advises Synety Group plc as it secures placing on AIM to fund future growth
Square One Law’s corporate team has recently advised their client Synety Group plc, who specialise in the provision of cloud based telephone call-control systems, as it placed 1,800,000 ordinary shares on AIM. The shares along with an additional open offer to current shareholders should raise up to £5 million for the London-based software and telco company.
The net proceeds of the Placing will be used primarily to continue to expand UK operations, including investing in the sales and marketing team and customer services departments 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 the platform’s 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.
Simon Cleaver, Executive Chairman of Synety said: “The Group is experiencing significant and rapid growth and this fund raising 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, and he was assisted by associate Jemil Visram and trainee Jenny Atkin. Jeremy Swift said: “I am delighted that the placing has so far secured £4.5 million for the company. The fact that the fundraising was oversubscribed sends a positive message about the markets and Synety.”
Simon Cleaver continued: “I have worked with Jeremy and the Square One Law team on a number of transactions and I was again very pleased with the service, especially given the tight deadlines involved with the transaction.”