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Swedish network specialist raises cash

Swedish SDN and network security company Clavister, with clients in the telecom, cloud and enterprise sectors, has completed a directed new share issue of 2,000,000 shares, providing the company with SEK 34m (€3.8m) before reduction of transaction costs.

Swedish SDN and network security company Clavister, with clients in the telecom, cloud and enterprise sectors, has completed a directed new share issue of 2,000,000 shares, providing the company with SEK 34m (€3.8m) before reduction of transaction costs.

The directed new share issue is issued to international institutional investors and qualified investors in Sweden at a price of SEK 17 per share.

This will help the company to accelerate development of its market presence internationally, and capitalise on interest in its solutions from integrators and strategic vendor partners. Clavister will have a total of 16.02 million registered shares after issuance of these additional shares. The new issue results in an equity dilution of 12.5% (post money) based on the number of shares after the new share issue.

“The new issue strengthens our financial position and enables an accelerated high rate of expansion and increased market penetration of Clavister’s unique product offering. It is pleasing to see that interest in participating in the offering has been great among both Swedish and international institutional investors” says Jim Carlsson, CEO of Clavister.

Clavister recently joined the Intel Network Builders programme to further grow awareness of its solutions in business-critical datacentre, telco and cloud environments and to build the company’s position as a leading provider of carrier-grade security and SDN solutions.