The analytics-as-a-service company backed by IP Group has raised $21.7m by placing 7.2 million shares.
Actual Experience, a UK-listed analytics as a service company backed by commercialisation firm IP Group, yesterday raised £17.5m ($21.7m) by placing 7.2 million shares at £2.50 each with existing and new investors.
The placing was expected to raise at least £17.5m (before expenses) for the company and up to £500,000 (before expenses) for the selling shareholders. Actual Experience had raised £16m in its flotation in June 2015.
IP Group saw its holding diluted from 24.9%, nearly 10 million shares, to 22.25% after the placing.
Dave Page, CEO of Actual Experience, which was founded in 2009 to commercialise research originally undertaken at Queen Mary University of London, said: “Actual Experience has continued to make strong progress against our stated strategy of focusing on channel partners, [which include Verizon Enterprise Solutions, Vodafone and Accenture].
“We have recently received our first production order from a channel partner for one of its major customers and expect to receive further orders in the near future. The proceeds of this Placing will enable the company to put in place the resources to support our channel partners as they commence the deployment of our technology into their global enterprise customer base.”
The placing has been arranged by N+1 Singer and Baden Hill, with Page, who cofounded the company with professor Jonathan Pitts (who sold the same number of shares), had sold 40,000 of his shares.
Page and Pitts were left with nearly two million shares each, or 4.33% and 4.21% respectively.
