UK market data technology vendor Knowledge Technology Solutions has confirmed that it is in the final stages of completing a fund raising of approximately £2 million via an institutional placing of new ordinary shares.
The AIM-listed vendor says the proceeds will be used to accelerate the roll-out of MarketTerminal, the international live financial news and data service, which has been launched today (for more details, see Finextra Launch Zone); and strengthen the company's working capital position.
KTS, which reported rising turnover and widening losses in the six-months to end-December 2003, raised almost £1 million through a placing of 8 million new ordinary shares in September last year.
The ASP-based MarketTerminal service has been under development for two years and has been in extensive user trials since December 2003. The vendor says one of the organisations trialling the product has already subscribed to a number of terminals before today’s launch.