Telit Communications raises £39m to fund acquisitions

Internet of Things company Telit Communications has successfully placed just under 11.6m shares at 340p each, raising around £39m to fund several identified acquisition opportunities, mainly in the IoT Services sector, which it will look to execute in the near to medium term.

The new shares represent 10% of the group's outstanding issued share capital and the placing is expected to settle on 10 May.

Chief executive Oozi Cats said: "These additional funds will provide us with further resources to continue to make complementary acquisitions - particularly to support the rapid growth of our IoT Services division.

"Our IoT Services division is continuing to develop swiftly and we are extremely encouraged by the broad industry recognition we are receiving from leaders in the Industrial IoT market and many enterprises that are looking for IoT solutions."

At 1028 BST, the shares were down 1% to 356.50p.