Mobile advertising firm Taptica has provisionally raised £38.2 million ($52.6 million) to reduce its debt and increase its potential for M&A activity.
The majority of the money has been raised from the planned sale of 4.85 million new ordinary shares at £4.50 ($6.20) each for a total of £21.8 million ($29.9 million). The shares represent 7.73% of the company's overall stock.
The rest of the funds have been raised from the sale of shares by Taptica CEO Hagai Tal and investor Smart & Simple. The two sold 1.65 million and two million shares respectively, and Taptica won't receive any proceeds from these sales.
A broader footprint
"With a broader footprint across the globe and consumer mobile usage and adoption rising, we anticipate our strategy of on-boarding local advertisers onto global platforms to result in continued growth," said Tal.
"The funds raised will reduce the level of debt under the Company's existing debt facility, which we believe will better position the Company to capitalise on near-term M&A opportunities. We thank our existing shareholders and welcome new investors to our share register and look forward to updating them on our progress."
Taptica acquired Tremor Video's demand-side platform for $50 million back in August 2017. It also picked up Japan-based marketing firm Adinnovation for an undisclosed figure in July 2017.