French financial IT vendor Linedata Services is looking to build a EUR21 million acquisition warchest in an effort to double sales over the next two years.
The vendor says it will issue 1.3 million new shares at EUR16 per share to new investors FFP (Société Foncière, Financière et de Participations-FFP, a holding company controlled by Peugeot family, quoted on the Premier Marché), for EUR15 million, and three innovation investment funds (FCPI) managed by CDC Ixis Innovation, for EUR6 million.
Current shareholders will also be granted free subscription rights under the programme, subject to approval by French market regulators.
According to its strategic plan, Linedata Services expects to achieve sales of EUR200 million by 2006 (vs EUR100.3 million in FY 2003), through a combination of organic and acquisitive growth.
The vendor says it has identified various potential targets within its three lines of business - asset management, leasing and credit finance, and insurance and sales.
"Several targets are currently being considered," says the firm in a statement.
The vendor already has nine successful acquisitions under its belt since its creation in 1998.