Eagle Eye Solutions announces £6m placing

AIM-listed SaaS technology company Eagle Eye Solutions has announced a placing of up to 2.7m shares at 225p each to raise £6m to invest in operational and marketing capabilities to capitalise on recent momentum in the business and pursue growth opportunities.

Eagle Eye pointed to the opportunity to build on the UK success achieved to date, target expansion in Canada and North America from its existing relations with Loblaws and capitalise on its partnership with TCC Global in Europe.

It said the investment would be funded by internally generated cash flow and the net proceeds of the placing of around £5.8m. Part of the net proceeds will also be earmarked to support any significant new customer wins.

Chief executive Tim Mason said: "Eagle Eye has delivered operational momentum and we are seeing increasing demand from retailers and brands for our proven and scalable technology to drive a structural shift in their digital marketing capabilities.

"The proposed placing will help Eagle Eye to significantly strengthen the marketing and operational capabilities that underpin our growth strategy and, ultimately, capitalise on our strong first-mover advantage to deliver additional value to our customers and shareholders alike."

At 0816 BST, the shares were up 4% to 284p.