The chief executive of Osirium Technologies has hailed a massive opportunity after new and existing shareholders participated in a fundraising designed to support the cybersecurity software specialist’s growth trajectory. The Reading business develops and sells privileged access management products that help customers prevent targeted cyberattacks from accessing privileged accounts and opening security holes in their critical IT infrastructure.
Osirium outlined plans to raise about £4 million comprising through a subscription by officers and employees, an issue of convertible loan notes and a placing of ordinary shares. The company has conditionally placed an aggregate sum of approximately £4.78 million. Net proceeds of approximately £4.3 million will be used to fund Osirium’s growth, strengthen its balance sheet and support key hires in marketing and product development.
“We would like to thank both new and existing shareholders for their support. Furthermore, the substantial participation in the fundraise by our employees demonstrates the commitment our team has in the business, the excitement for the massive opportunity ahead of us and a firm belief in our ability to execute,” said Chief executive David Guyatt.
“The funds raised will ensure the group is well resourced as the business expands and further supports the acceleration of the group’s growth strategy. The strategy we have in place continues to gain traction, evidenced by strong growth in bookings, which for the year ending 31 December 2019 are expected to be materially ahead of the prior period.
“The board remains very confident in the group’s prospects and believes Osirium has a unique proposition and is well placed to prosper as cybersecurity remains a key priority for corporates globally,” he added.