Fineos, a Dublin-based tech firm that develops software for insurance companies, has pulled in A$40m (€24m) in its latest funding round.
In brief:
-The capital commitments consist of $35m fully underwritten from institutional investors and a further 'conditional' $5m invested by Fineos founder
-According to Fineos, which is listed in Sydney, the funds will be used to strengthen the firm's balance sheet and to provide extra working capital
-CEO Michael Kelly which will be subject to shareholder approval at the company's AGM at the end of the year
What does this mean?
“The placement proceeds significantly strengthens our capital position and provides Fineos with the financial flexibility to deliver on our growth strategy,” said Kelly. “We thank our security holders for their strong support of Fineos.”
