Updater Inc
(ASX:UPD) has raised $50 million through an institutional placement, all so it can buy leading software companies and accelerate its growth.
The US tech company helps people forward their mail, connect and transfer utilities, update accounts all on one platform, after people move.
The proceeds will go towards buying IGC Software and Asset Controls Inc, as well as funding the rollout of its new insurance division and boosting sales.
Goldman Sachs Australia was the lead manager on the placement. The 40 million CDIs will be issued on 12 September 2017.
Shares in Updater Inc
(ASX:UPD) are trading 4.29 per cent lower to $1.34.
