Tech company's strong demand sparks equity raising
DLA Piper has advised a US-headquartered technology company on its latest equity raising, which will help it fund its growing sales pipeline.
Firm: DLA Piper (BuildingIQ)
Deal: BuildingIQ has been advised on an equity raising.
Key players: The DLA Piper legal team was led by Sydney corporate partner David Ryan, with assistance from senior associate Kelly Morrison and solicitor Jeffrey Chen.
DLA Piper corporate partner Curtis Mo and associate Evan Youngstrom from the firm's Palo Alto office advised on US securities law issues.
Deal significance: According to a statement from DLA Piper, BuildingIQ's latest equity raising will support in funding the company’s growing sales pipeline and 5i Platform services development.
DLA Piper noted that investors in BuildingIQ include the Venture Capital unit of Siemens Financial Services, Aster Capital – backed by Schneider Electric, Alstom and Solvay, Paladin Capital, Exto Partners, and the Energy Division of the Commonwealth Scientific and Industrial Research Organisation (CSIRO).
"BuildingIQ helps building owners and operators worldwide lower energy use and increase building operations efficiency. The company builds services and solutions based on a core set of technologies incorporated into its 5i cloud-based platform and methodology," the firm said.
"The capital raising comprised a placement to institutional shareholders, a placement to institutional investors and a 1:1 non-renounceable pro-rata entitlement offer. The placement to institutional shareholders and the entitlement offer were partially underwritten by Exto Partners. The placement to other institutional investors was lead managed by Canaccord Genuity."
Commenting on the significance of the transaction, corporate partner David Ryan said: "We are delighted to advise BuildingIQ on this strategic capital raise to help support their continued growth and platform services development".
"The company has seen strong demand for their unique 5i Platform services, and we look forward to witnessing their further expansion into new markets," he added.
"This transaction is another example of DLA Piper’s strength as a leading advisor to listed tech companies on cross-border ECM transactions."