Industrial IT specialist Industrial Software Solutions Pty Ltd has closed its $5.5 million capital raising one week early and oversubscribed.
Industrial IT specialist Industrial Software Solutions Pty Ltd has closed its $5.5 million capital raising one week early and oversubscribed.
The Nedlands-based firm, which is planning to list on the stock exchange on September 30, plans to use the funds to fuel expansion in the US, the UK and Middle East.
The company raised $5.5 million before expenses through the issue of 27,500,000 shares at a price of $0.20 each.
Founding shareholders also had a two-for-one exercisable option at an issue price of 0.01 cents to raise an additional $310,833.
The shares were bought mostly by institutional investors from the eastern States, including QBE Group.
The newly listed entity, ISS Group Limited, will acquire 100 per cent of ISS Pty Ltd and provide additional capital to support expansion plans.
ISS Group founder and managing director Shane Attwell said the next phase of growth was to develop opportunities in the US through its newly established Los Angeles office.
He said the company was also in discussions with potential distribution partners in the UK.
ISS Group was established by Mr Attwell in 1995 to developed advanced process control and optimisation for the oil and gas and mineral sectors.
ISS clients include Apache Energy, Conoco Phillips, Santos, Woodside, Rio Tinto, WMC Resources, Worsley Alumina and Kalgoorlie Consolidated Gold Mines.
The company employs 50 staff, with oil and gas clients making up 70 per cent of the business by revenue and mining clients accounting for the rest.
In the oil and gas sector, ISS addresses a niche “from the well-head onwards through to the gas plant,” Mr Attwell said.
“We maintain a group of chemical engineers as well as IT people, and we send those guys who have worked on an oil and gas platform to talk to experience oil and gas personnel.”
Non-executive director Evan Cross, who is also a director with Nedlands-based HealthTec Growth Partners, which coordinated the ASX listing, said the company had sound financials and no debt.
“It’s a reasonably simple financial structure. It has been profitable from day one,” he said.
