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SSH raises equity
Posted on Friday, 16 June 2017 13:59
Finnish internet security software developer SSH Communications Security has announced a share placing worth up to EUR 7.75 million in order to finance a future product launch and enable expansion.
The business is issuing up to 3.40 million stocks, representing a 9.8 per cent stake in the company’s enlarged capital, based on a close of EUR 2.28 on 14th June 2017, the last trading day prior to the announcement.
Both Timo Syrjala and Tatu Ylonen will participate in the subscription of shares, alongside other institutional investors.
Evli Pankki and Castren & Snellman are advising SSH on the cash call.
Completion is expected on 16th June 2017, subject to the usual raft of conditions.
No further details on the capital raise were disclosed.
Helsinki-based SSH claims to be a leading provider of enterprise cybersecurity operations for servers and the cloud.
The company sells direct through offices in North America, Europe and Asia and through a global network of certified partners.
SSH is listed on Nasdaq Helsinki under the ticker symbol SSH1V and its stocks closed at EUR 2.25 yesterday, valuing the firm at more than EUR 78.00 million.
In the three months ended 31st March 2017, the business generated net sales of EUR 3.10 million, a 19.2 per cent increase on EUR 2.60 million in the corresponding timeframe of 2016.
Loss before interest and tax for the first quarter of 2017 totalled EUR 1.70 million, narrowed from a loss of EUR 2.20 million in Q1 2016.
Last year, Acme Investments increased its stake in SSH to 6.4 per cent in a deal worth around EUR 2.00 million.
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