Whispir bags $45m for international expansion

Whispir bags $45m for international expansion

A $45 million placement, completed today, will see cloud computing software as a service (SaaS) company Whispir (ASX: WSP) ramp up its growth in Asia and pursue North American market expansion.

Hot on the heels of a 20 per cent increase to the company's revenue in the first half of FY21, the raise will see Whispir issue 12.1 million new shares, representing approximately 11.6 per cent of the company's shares on issue.

According to Whispir CEO Jeromy Wells (pictured), the raise will be instrumental in allowing the company to execute growth plans.

"Since our IPO in 2019, Whispir has been executing on its growth strategy, increasing ARR [annual recurring revenue], revenues and customers within our mature ANZ business and growing operations in Asia and North America," Wells said.

"Digitisation tailwinds provide a significant opportunity for us to fast-track our product roadmap, delivering higher-value products to drive platform utilisation and adoption.

"Funds raised will also enable us to increase our presence within the competitive North American market, where we are targeting underserved SME and SMB organisations."

The Melbourne-founded company hopes to raise a further $3 million via a share purchase plan at the same issue price as the placement being $3.75 per share.

Earlier this year Whispir announced its 1H FY21 results, with growth recorded across all key revenue streams, including subscription licences, transaction and support services, with annualised recurring revenue jumping by 22 per cent to $36.7 million.

Only the US business failed to meet expectations, but this was offset by strong growth in Australia, New Zealand and Asia.

Whispir's EBITDA loss of $4.8 million beat the prospectus forecast by $1.6 million.

Shares in WSP are down 3.60 per cent to $3.75 per share at 11.38am AEDT.

Never miss a news update, subscribe here. Follow us on LinkedIn, Instagram and Twitter.

Business News Australia

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Advertisement

Related Stories

Why coordinated communications are critical in a crisis

Why coordinated communications are critical in a crisis

If the past few days have taught us anything, it's that thin...

Whispir revenue rises 20 per cent

Whispir revenue rises 20 per cent

Some of the sheen may have worn off for investors in cloud commu...

Whispir beats IPO prospectus forecast

Whispir beats IPO prospectus forecast

Cloud communications software as a service (SaaS) company Whispi...

Whispir teams up with Amazon Web Services

Whispir teams up with Amazon Web Services

ASX newcomer Whispir (ASX:WSP) has boosted its cloud communicati...