Search Share Prices
Forbidden Technologies launches £5.75m fund raiser
Cloud video developer Forbidden Technologies launched a successful oversubscribed placing of 115m new ordinary shares on Monday morning as part of its efforts to raise up £5.75m to help open up its Blackbird platform via API interfaces.
Forbidden Tech also aims to use the funds to further strengthen its commercial team, enhance the value of its intellectual property portfolio, strengthen its balance sheet and assist in resourcing larger infrastructure contracts.
The AIM-quoted firm's shares were placed with existing and new investors, certain directors and their family members subscribing for £0.75m.
Chief executive Ian McDonough said: "We are now well placed to pursue the realisation of the full value of Blackbird. This funding comes on the back of strong growth momentum year to date."
"Our sales growth for the period to the end of April 2018 is up 80% versus the same period in 2017, with more than half of the new invoiced sales coming from infrastructure contracts," he added.
The firm's Blackbird technology allows full visibility on multi-location digital content and improves time-to-market for live content, such as video clips and highlights for social media distribution, resulting in "much more effective monetisation".
As of 101 BST, Forbidden shares had lost 5.93% to 5.08p.