Cloudcall placing qualifies for tax relief

Cloud-based software company Cloudcall reported on Wednesday that, further to its announcement on 5 August regarding a placing to raise up to £3.77m, it has now received clearance from HMRC confirming the company qualifies for the relevant tax reliefs in connection with the VCT/EIS Placing.

The AIM-traded firm will therefore benefit from the receipt of proceeds of £1.57m, in connection with the VCT/EIS Placing.

Cloudcall’s board said the proceeds from the VCT/EIS placing will be used to fund new product development, including the launch of a new messaging products, based around SMS and instant messaging technologies.

With the launch of the new products, the board said it believes it will be able to attract new customers by leveraging its experience within the integrated communications market.

“The clearance from HMRC and resulting additional funds, means we can now move ahead with the development and launch of new messaging and SMS services which will enhance our offering,” said CEO Simon Cleaver.

“We believe these additional products will not only attract new customers, but also enhance our offering with existing customers, particularly in the recruitment space where we see significant demand for these products.”