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Idox plc raises £7 million and announces their proposed Acquisition of Tascomi Ltd.

Idox plc (AIM: IDOX), a leading supplier of specialist information management solutions and services, is pleased to announce that, further to the announcement made earlier today, the Company has raised net proceeds of c.£7 million through an oversubscribed Placing of 25,964,912 new ordinary shares with certain existing and new institutional investors at a Placing Price of 28.5 pence per share. 

The Placing Price of 28.5 pence represents a 3.1 per cent discount to the Closing Price of 29.4 pence on 30 July 2019.

Idox intends to use the proceeds raised to fund their Acquisition of Tascomi Ltd, which the Company also announced earlier today. The Acquisition will accelerate the Group’s strategy, and will strongly enhance the Group’s technological capabilities and market-leading positions.

David Meaden, CEO of Idox, commented:

“We are delighted to close this oversubscribed Placing and to formalise our acquisition. We thank our existing shareholders for their support and welcome new shareholders to the Group in supporting our efforts to accelerate our strategy in enhancing our technological capabilities and market leading positions. We welcome Tascomi, and its staff and customers in to the Idox Group and look forward to a strong and fruitful collaboration over the coming months and years. We are excited by this strategic acquisition and remain confident in our outlook and prospects.”

N+1 Singer is acting as Nomad and Broker to Idox plc.

About Idox

Idox is a leading supplier of specialist software, services and content to the public sector. Their provision of cost-effective, digital solutions help their clients transform their operations, increase engagement and realise true outcomes in their respective industries and sectors. They employ 845 employees with 19 offices across 11 countries worldwide.

Ticker: IDOX
Market Cap: £130 million*
Website: Click here

*As at 31/07/2019 

 

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