The dashcam and fleet management software group on Thursday said the subscription completed at a 22% premium to the closing mid-market price on 5 December 2018. Its own directors are contributing £0.7mln in aggregate to the subscription, Trakm8 said.
The company said the subscription includes a key strategic investor, Microlise Group, whose partnership will lead to stronger growth and increased opportunities for the group both immediately and in the mid-term.
Trakm8 said the partnership would lead to significant cross-sale opportunities for both firms, with complementary technology, market focus and geographical footprint. Microlise already has a significant international presence with offices in India, Australia, France and UAE which will, therefore, support Trakm8's international growth ambitions
A non-executive director, nominated by Microlise, will be appointed to the board of Trakm8, subject to satisfactory regulatory due diligence.
Shares in Trakm8 were 11.1% up at 20p in mid-morning trade.