- thedocyard (TDY) is set to announce a new capital raising venture
- Today, the cloud-based software company entered a trading halt, pending the release of the capital raise announcement
- The raise comes after thedocyard today announced it would acquire LockBox Technologies, an Australian technology company, for $2 million
- Meanwhile, shares in thedocyard last traded for 17 cents per share
Cloud-based software company thedocyard (TDY) has entered a trading halt, pending the release of a capital raise announcement.
The company wrote to the ASX today, requesting their shares be placed in a halt until they announce the capital raise, or until July 8, 2020, whichever occurs first.
No details on the capital raise, or what the funds will be used for, have been released.
However, thedocyard also announced today it would acquire LockBox Technologies, an Australian technology company.
LockBox sells Athena Board, a software tool which aims to optimise corporate meetings, and LockBox Storage, a business-to-business (B2B) document storage and sharing solution.
It's hoped the acquisition of LockBox will give thedocyard a foothold in the lucrative enterprise file sync and sharing (EFSS) market and board portal management software (BPMS) market.
The two markets were valued at US$10.9 billion (around A$15.67 billion), and US$2.48 billion (around A$3.56 billion) each in 2018.
Under the terms of the acquisition, announced today, thedocyard proposed to buy 100 per cent of LockBox for $2 million.
It'll do so by issuing sellers $2 million worth of new fully paid ordinary thedocyard shares and 15,000,000 options on a one-for-one basis.
Shares in thedocyard were last trading for 17 cents each.