Pushpay Holdings (ASX:PPH) is undertaking a US$25 million private placement to accelerate its growth. As a result, it increased its annualised committed monthly revenue (ACMR) target to US$100 million by 31 March 2018.
The phone app company’s US placement will be led by Ord Minnett and Deutsche Craigs Limited, with the new shares to be placed and trading on 19 July 2017.
Pushpay plans to use the funds to further accelerate its expansion and it also targets year-on-year annualised committed monthly revenue growth of over 100 per cent.
The company says it will advance its account based and field sales strategy, to gain a greater share of the medium and large church segment.
The company has 10 of the top 20 largest American churches on its customer base, and just last quarter 6 of the top 100 started using Pushpay’s software.
Shares in Pushpay Holdings (ASX:PPH) entered into a trading halt today (12 July 2017) and are expected to resume trading tomorrow (13 July 2017), but it last traded at $1.59.