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Trakm8 raises £3mln through share sale, inks partnership deal with Microlise

The dashcam and fleet management software group said its partnership with Microlise would lead to significant cross-sale opportunities for both firms
Trakm8 raises £3mln through share sale, inks partnership deal with Microlise
Trakm8 said the subscription completed at a 22% premium to the closing mid-market price on 5 December 2018

Trakm8 Holdings PLC (LON:TRAK) said it had raised around £3mln through a new share sale and would use the funds to strengthen its balance sheet.

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.

READ: Trakm8 shares crash as first-half profits plunge and full year guidance downgraded

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.

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