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- Software company Bigtincan (BTH) is announcing plans to raise $135.3 million in extra funds to buy US sales coaching business Brainshark Inc.
- The ASX-lister will pay $116 million to acquire 100 per cent of the equity in Brainshark and create a combined business with $119 million in ARR
- BTH has received commitments to raise $21 million from SQN Investors and will also carry out a $114.3 million 1 for 4 pro rata entitlement offer
- Under the raise, new Bigtincan shares will be priced at $1.05 per share – a 12.1 per cent discount to the sales software business’s last closing price
- Shares in BTH are halted from trading until August 25, with shares last traded at $1.20 per share
Software company Bigtincan (BTH) has announced plans to raise $135.3 million in extra funds to buy US sales coaching business Brainshark Inc.
The sales enablement software business will pay $116 million to acquire 100 per cent of the equity in Brainshark.
Bigtincan describes the business as an “industry-recognised and multi-awarded leader in its field of sales coaching, learning and readiness”.
The ASX-lister also said once the deal was complete, the two businesses combined would have an estimated annual recurring revenue of $119 million by FY22-end.
BTH will fund the acquisition via a placement and entitlement offer, with $21 million worth of commitments received from existing SQN Investors.
The tech stock will also open a $114.3 million 1 for 4 pro rata non renounceable entitlement offer which has a retail and institutional component.
Under the offers, new BTH shares will be priced at $1.05 per share – a 12.1 per cent discount on the stock’s last traded price.
The institutional entitlement offer opens today, while the retail component will open next Monday, August 30.
Once the deals are complete, Bigtincan expects to issue 128.9 million new shares – representing around 31 per cent of existing securities on issue.
Shares in BTH will remain halted from trade until Wednesday, August 25, with Bigtincan shares last trading at $1.20 per share.
