e-Scotia Acquisition, the e-business investment arm of Scotiabank Group, has upped its 11 per cent stake in financial technology vendor Datawest Solutions by $5 million to 15 per cent.
Under the transaction, e-Scotia subscribed to 1,562,000 units (each unit being comprised of one common share and one-half of one common share purchase warrant) being offered by Datawest by way of private placement, at a purchase price of $1.60 per unit.
Prior to the offering, e-Scotia owned 270,068 common shares and securities convertible or exercisable into an additional 2,959,615 common shares. The company now owns 1,832,568 common shares and securities convertible or exercisable into an additional 3,740,865 common shares in Datawest. e-Scotia's holdings now represent in the aggregate approximately 15.0% of the outstanding voting securities, or, assuming conversion and exercise, approximately 18.5% of the outstanding common shares of Datawest.
Datawest is a provider of banking and payment technology solutions for major financial institutions and other financial services organisations.