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Albert Technologies raises £13.6m from share placement
Global software company Albert Technologies has secured £13.6m of funding after a successful placing 36.75m shares of 37p with new and existing institutional shareholders on Thursday.
Albert said the oversubscribed placing, which was still conditional to shareholder approval at the AIM-listed firm's next annual general meeting on 22 June, had received "strong support" and that it was "delighted" by the prospects of building on the "growing interest in the benefits of AI" to digital advertising that the funding would allow.
"Albert can provide the solution to both enterprises and media agencies seeking to use AI technology to execute their digital marketing campaigns. The market for AI technology is forecast to grow to US$40 billion in value by 2025 and we're aiming for Albert to be an important beneficiary of this sizeable market opportunity in digital marketing," said founder and chief executive Or Shani.
The group expected that admission of the shares to AIM would take place on or around 25 June.
In a separate announcement, Albert announced its intention to appoint Lisa Gordon, currently an independent non-executive director at the AI marketing firm, as its independent non-executive chairman on 22 June.
Gordon will succeed John Allwood after he informed Albert of his decision to retire from the board following its AGM.
Shani said, "I would like to thank John for his very significant contribution and commitment to Albert over the past three years. He has worked alongside us since the listing of the company in 2015 and we wish him well for the future."
"I am delighted to welcome Lisa to the role of chairman. She has given us the full benefit of her extensive City experience as a non-executive director and been untiring in her counsel and support. We look forward to her leadership of the board," he added.
As of 1650 BST, Albert shares had grown 12% to 42p.