Shearwater Group plc raises £8m through Placing to fund acquisition

WHIreland is delighted to have acted as NOMAD & Broker to Shearwater Group plc (AIM: SWG) in its recent placing to raise £8 million to part fund the acquisition of SecurEnvoy Limited, a leading UK based provider of multifactor authentication software solutions.

This initial acquisition under the Company’s transformation strategy, establishes the Company’s presence within the large and rapidly growing identity and access management sector and will support further near term growth opportunities.

In total, £20 million consideration was satisfied by the payment of £10 million in cash and £10 million through the issuance of 200 million Ordinary Shares of the Company at a price of 5 pence per share.

Mike Coe, WHIreland Corporate Finance Director, said: “It was a pleasure working with Shearwater and its team on the reverse takeover of SecurEnvoy. SecurEnvoy is an exemplar UK SME; profitable, cash generative and a market leader in its field. This is an ideal first acquisition for Shearwater as the company seeks to deploy its ‘buy, focus, grow’ strategy and create a UK based group providing digital resilience solutions. We look forward to a continued partnership.”