The company said the placement was fully subscribed, and consisted of 2.96 million units priced at 27 cents apiece, with each unit comprised of one common share and one half of a share purchase warrant. Every warrant will allow the holder to acquire an additional share at a price of 50 cents, for a period of one year from closing.
The new funds will be used for general working capital and to help finance potential acquisitions, perhaps to accelerate its growth in the business-to-business segment.
Last month, the company inked a strategic partnership with India-based IRIS Business Services to service clients and explore business opportunities together in the financial data analytics space. AnalytixInsight said the deal would grow its data analytics platform in the b2b space, and help boost its top line.
The deal represents another significant step in AnalytixInsight's growth strategy of building financial and non-financial content of its big data analytics engine, driving greater penetration of its content through institutional, online and mobile channels.
The company's proprietary, cloud-based platform performs 100 billion computations daily, and converts the results into text, offering bottom-up individual component-based fundamental research of equities and ETFs.
The platform serves investors through both web and mobile routes, and the analytical engine can be customized for other data-driven applications such as bonds and options as well.