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Buddy Platform secures $23M to expand channel sales strategy

Buddy Ohm is a solution for facility resource monitoring and energy saving.

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Recently secured largest distribution deal to date

Buddy Platform Ltd (ASX:BUD) has successfully raised $23 million via an oversubscribed placement of shares at $0.20 each to new and existing institutional investors.

The placement provides Buddy with the resources and institutional support to expand its successful channel sales strategy for Buddy Ohm.

Buddy Ohm is a solution for facility resource monitoring and verification, connecting systems that were never designed to work together, while turning energy savings into a strategic asset.

The company is currently in the process of formalising a potential large distribution arrangement which, if concluded and implemented, will span over 100 new markets.

Buddy will also use the proceeds from the placement to advance the company’s research and development efforts.

The company recently secured its largest distribution deal to date, with Ingram Micro Canada, part of Ingram Micro Inc (NYSE:IM), the world’s largest distributor of technology products.

READ NEXT: Buddy Platform has a growth plan following its largest distribution deal

The company’s share prices have increased circa 40% in the past three months, closing at $0.24 on Monday.

Quick facts: Buddy Platform Ltd

Price: 0.064 AUD

ASX:BUD
Market: ASX
Market Cap: $166.53 m
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