Trowers & Hamlins has advised Hybridan on its role as sole broker to Crossword Cybersecurity plc (AIM: CCS) on its oversubscribed £5m fundraising.
Hybridan led the EIS and VCT qualifying fundraising, carried out by way of placing and subscription, and introduced further new investors to the company, including Gresham House Asset Management.
AIM-quoted Crossword Cybersecurity is a technology commercialisation company focused on cyber security and risk management. It has two principle areas of activity, being: (i) the development and commercialisation of university research-based cyber security and risk management related software; and (ii) cyber security consulting.
The proceeds of the fundraising will be applied to complete the proposed acquisition of a threat intelligence and monitoring services company. Additionally, the company intends to apply the proceeds of the fundraising to increase sales and marketing resource, for product development and support and for general working capital purposes.
Corporate Partner, Ed Hooper, led the Trowers team, assisted by Thomas Bilton. Ed commented:
“Hybridan has once again delivered on closing an oversubscribed fundraising for the company, supporting its exciting growth trajectory in the form of acquisition plans and continued sales rollout. We look forward to seeing the company's continued growth in this important sector.”
Claire Noyce, Managing Partner and Chief Executive of Hybridan, said:
“We are delighted to have delivered another successful fundraising for Crossword Cybersecurity, including the introduction of more new institutional investors to its shareholder base. As ever, we are grateful to Ed and the Trowers team for their commercial approach and quick turn-around, enabling efficient execution of the transaction.”