Firms: DLA Piper (Buddy Platform Limited)
Deal: Buddy Platform Limited, an ASX-listed company, has executed a capital raising by way of an oversubscribed placement.
Value: $23 million
Area: Equity capital markets
Key players: DLA Piper partner Marc Wilshaw (pictured) led the team advising Buddy Platform, assisted by solicitor Jonathan Foo.
Deal significance: The Buddy Platform (Buddy), which is listed on the Australian Stock Exchange, has executed a $23 million capital raising via an oversubscribed placement.
Buddy is headquartered in Seattle, with offices in Adelaide, and offers the scalable data aggregation and management capabilities of the Internet of Things. The services are provided by way of three products: Buddy Cloud, Parse on Buddy and Buddy Ohm.
Buddy Ohm was launched earlier this year, offering a low-cost, real-time energy monitoring solution for smart cities and buildings.
Commenting on the deal, DLA lead partner Marc Wilshaw said the placement received strong interest from institutional investors.
“The proceeds will support Buddy’s impressive growth strategy, including prospective arrangements with Telstra to become the primary reseller of Buddy Ohm in Australia, and a potential global distribution arrangement which will span over 100 new markets,” Mr Wilshaw said.
Bell Potter Securities Ltd acted as the lead manager for the placement.