Enprise Group raises $1.4m, takes iSell stake

Enprise Group raises $1.4m, takes iSell stake

AUCKLAND, 20 December 2017 – Enprise Group (NZAX: ENS) has raised $1.4 million in new equity and paid AUD $673,420 for a 14.6% holding in cloud quoting company iSell.

In November 2017 Enprise Group announced a capital raise in the form of a rights issue. Its purpose was to repay debt incurred for the acquisition of 47% of Kilimanjaro Consulting Pty Limited and provide for future growth. The 1 for 10 non-renounceable rights issue at $1.39 closed fully subscribed on 30 November with 852,664 new shares issued raising $1,185,203 in new equity.

Also in November 2017, a staff share scheme offered Enprise staff private placements of new shares at $1.39. This closed on 8 December with 165,753 new shares issued, raising NZD $233,133 in further new equity.

In total Enprise Group raised $1,415,600 and has 9,545,062 shares on issue.

On 19 December Enprise Group paid AUD $673,420 for a 14.6% holding in iSell, a cloud-based quoting system used by the IT reseller market in Australia, New Zealand and the U.K. The IT reseller market uses iSell to generate customer quotes for over 4.5 million products from more than 2000 vendors.

On 30 November 2017 Enprise Group paid NZD $223,737 for a 6.49% holding in Vadacom, a cloud based VOIP phone and virtual PABX provider.

Enprise Group is now invested in five businesses – the wholly owned Enprise Solutions, joint ventures Datagate Innovation and Kilimanjaro Consulting, and holdings in iSell and Vadacom.

Enprise Group CEO Elliot Cooper says Enprise Group is growing its identity as an investment vehicle for high-growth tech companies that complement its core ERP capability.

“Our strategy for these investments is to unlock mutual synergies to accelerate growth for all,” he says.

“Vadacom and Enprise Solutions share a significant number of customers and have a similar target market. Datagate and iSell both target the same Managed Service Provider market and can link their sales and marketing functions to give each other sales introductions. Our Kilimanjaro acquisition better utilises the cloud skills and infrastructure resources already deployed by Enprise. These interlocking characteristics are a hallmark of Enprise Group’s wider growth strategy.”

ends

© Scoop Media