19 October 2017
Find out more

BCS Group raises £3m

09 October 2006  |  2854 views  |  0 Pound Coin Cash

AIM-listed Business Control Solutions (BCS) Group has raised £3 million in a share placing, which it will use to fund product development and the expansion of its New York operations.

BCS provides software and consulting services to financial services firms including Deutsche Bank.

The group was formed by the merger of City software house B2B Systems and consultancy Buttonwood Tree. The firm floated on the UK AIM market via a reverse takeover of Honeysuckle Group in June 2005.

BCS has raised the £3m through a placing of 50 million new shares at six pence each. The price represents a discount of 14.3% to the closing mid-market price of seven pence per on 6th October.

The vendor says the fundraising was motivated by the increased opportunities brought about by forthcoming regulations - such as SOX, Basel II and MiFID. The net proceeds of the placing will be used to fund investment in growth of the company, specifically in product development and in hiring additional sales, marketing and consulting staff.

Commenting on the funding Nigel Walder, CEO of BCS, says: "We are greatly encouraged by the organic growth we have seen in the first half of this year and
the board is keen to leverage the opportunities presented by the significant changes occurring in our industry and to accelerate our performance.

"The fundraising we have announced today is intended to help us to achieve that, through allowing us to invest in product development, sales and marketing and our New York operations."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

BCS Group rises on Deutsche Bank deal

BCS Group rises on Deutsche Bank deal

22 August 2005  |  5134 views  |  0 comments
Merged BCS operational risk group to float on AIM

Merged BCS operational risk group to float on AIM

03 May 2005  |  4319 views  |  0 comments

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.fivedegrees.nlvisit www.vasco.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15786 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8945 views comments | 16 tweets | 22 linkedin
satelliteGates Foundation backs Ripple collaboratio...
8036 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7139 views comments | 9 tweets | 17 linkedin
Santander InnoVentures leads $6m funding round for Mexico's ePesosSantander InnoVentures leads $6m funding r...
6281 views comments | 6 tweets | 3 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job