Mobile ad platform developer Taptica International PLC (LON:TAP) has raised US$30mln in new money through a placing alongside sales by some shareholders.
A bookbuild exercise for 4.85mln shares at 450p (8% of the current shares in issue) raised the cash for the company.
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The funds will reduce the company's debt and give it the flexibility to take advantage of any acquisition opportunities.
Hagai Tal, Taptica’s chief executive, also sold 1.65mln shares to meet a capital gains tax liability while a further 2m shares were sold by Smart & Simple, another substantial investor.
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In a statement on current trading, Taptica added that Tremor Video DSP, acquired last year, is trading ahead of schedule and is already in profit.
Asia-Pacific region is also starting to contribute to revenues, while there is sustained demand for the latest versions of its combined mobile, video and social programmatic ad buying platforms as smartphone usage grows.
“As a consequence, the company remains confident of delivering solid year-on-year growth for 2018 in line with market expectations.”