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Global software company FINEOS Corporation is tapping the market for fresh equity to purchase software-as-a-service business Limelight Health.
FINEOS Corporation was raising for an acquisition on Tuesday. Jim Rice
The company was looking to raise $85 million through a placement of new shares with help from Macquarie Capital and Moelis Australia, according to terms sent to funds.
The fully underwritten placement was priced at $4.26 a share, which was a 7.2 per cent discount to FINEOS’ $4.59 last close.
Macquarie and Moelis were calling for bids into the placement by 4.30pm for investors in Australia, New Zealand and Asia. Investors in Europe had until 7pm to get their bids in and all others had until midnight.
The money raised would go towards buying SaaS outfit Limelight Health, which sells a sales and underwriting software platform to the insurance industry.
Fineos – which listed on the ASX last year – is a software company that services life, accident and health insurers. Its core software helps insurers handle things like billing, claims and customer care.
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