Backup and recovery vendor Dropsuite is set to list on the Australian Securities Exchange after raising the minimum subscription of $5 million in a capital raising which sought up to $8 million to fund investment in technology and the creation of new software solutions.
The Singapore-based company extended the capital raising by two weeks to Friday this week, with the offer closing today with investors picking up 50 million ordinary shares at an issue price of $0.10 cents.
Dropsuite - formerly Dropmysite – emerged out of a reverse takeover by loss-making ASX-listed resources company Excalibur Mining (ASX: EXM).
Close of the capital raising follows Dropsuite’s announcement on Tuesday that Australian domains and hosting services provider Crazy Domains will distribute and resell its website back-up product Dropmysite to its small and medium sized enterprise customers in Australia, the US, UK Indonesia and the Middle East.
{loadposition peter}Charif Elansari, CEO of Dropsuite, said the company was pleased to have raised the required subscription in order to “successfully transition into a listed company” and the board had “worked hard over recent months to reach this key company milestone”.
“Dropsuite has developed cost effective backup and recovery solutions that are both feature-rich and complexity free, to help users protect and backup their website, email, mobile or server data.
“We are pleased to develop and grow as an Australian listed company and are enthusiastic about the progress that has already been made on a range of fronts that will assist greatly to grow the business from its current level.”