Internet of things specialist Telit Communications Plc (LON:TCM) is set for an acquisition spree after a £39mln cash call.
Telit said it had already identified companies in the IoT Services sector that it wanted to buy and with the new money will look to execute deals in the near to medium term.
The money was raised through a placing at 340p per share, or around a 5% discount to the close price yesterday. The new shares represent 10% of shares currently outstanding.
Oozi Cats, Group Chief Executive, said: "These additional funds will provide us with further resources to continue to make complementary acquisitions - particularly to support the rapid growth of our IoT Services division.
"Our IoT Services division is continuing to develop swiftly and we are extremely encouraged by the broad industry recognition we are receiving from leaders in the Industrial IoT market and many enterprises that are looking for IoT solutions."