Dubber Corp Ltd (ASX:DUB) will continue expanding its call recording services beyond Australia after raising $6.5 million in a placement.
The company placed more than 17 million shares with institutional and sophisticated investors at an issue price of $0.35 per share.
A further amount of circa 1.43 million shares is subject to shareholder approval as they exceed the company’s placement capacity.
Telecommunications pioneer invests
A significant portion of the shares were taken by entities managed by James Spenceley, a telecommunications pioneer who founded Australia’s fourth largest fixed line telco Vocus Group.
Dubber is focusing on expanding operations in North America and Europe where it is seeing strong demand for its services.
A number of strategic agreements with tier one service providers on both continents are expected to be fully deployed in 2018.
Additional staff to be employed
The company will also add additional staffing and strategic account directors for its cloud call recording and intelligence platform.
The positions will be available as the platform is fully integrated into BroadSoft’s BroadCloud Unified Communications delivery platform.