UK banking and securities software vendor Mondas has raised £100,000 before expenses in a share placing, which it will use to fund potential acquisitions.
The AIM-listed group placed 625,000 new ordinary shares at 16p per share to raise the funds.
Jarlath McGee, chief executive, Mondas, says: "This small placing is specifically designed to allow Mondas to move quickly to execute acquisitions in accordance with our previously stated strategy of expansion in our specialist markets. Mondas is currently pursuing a number of such targets."
In July Mondas reported its first ever full year pre-tax profit of £79,000, which was driven by second half growth at its banking and securities unit and increased sales to new and existing clients.