Patsystems placing raises £2 million

Patsystems placing raises £2 million

Patsystems, a supplier of trading technology for derivatives markets, has raised £2 million through a placing of 14 million new ordinary shares of 1 pence each at 14.5 pence per share.

Patsystems' recent interim statement showed a 35% improvement in half-year revenues as the company approached operational break-even for the first time. The group had approximately £3 million cash in the bank prior to the placing.

Kevin Ashby, chief executive says the new funds "will enable us to pursue further opportunities that are arising as a result of our strengthening position in the market place".

He says the money will be spent on sales, marketing and high-level customer support in preparation for the forthcoming release of the vendor's 'next generation' trading platform, Enterprise.

Trading in the new shares will commence on AIM at the end of the month. The placing was oversubscribed.

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