The company, which operates through its CapitalCube data analysis platform, said in a statement earlier this morning that it has launched a private placement offering of up to 7.27 million units at a price of 55 cents apiece. Each unit will be comprised of one common share and one half of a share purchase warrant, with every whole warrant good for another common share at a price of 85 cents for a term of one year.
AnalytixInsight hired a syndicate led by Global Securities Corp to help raise C$3.5 million of the offering, with the remainder to be raised on a non-brokered basis, the company said.
The new funds will be used for general working capital needs and to help finance potential acquisitions, AnalytixInsight said, with news of the financing following an announcement earlier this week that it has agreed to acquire OneUp to bolster its presence in social analytics.
OneUp owns a suite of tools, desktop and mobile applications focused around data collection and social intelligence, with its expertise in mobile applications expected to add a unique dimension to AnalytixInsight's deal with Samsung.
The company in January signed an agreement with the London Stock Exchange to offer financial research and real-time stock prices on Samsung's devices globally. The data analytics business is currently focused on the global rollout of its technology on Samsung's Smart TVs, mobile phones and tablets.
Using AnalytixInsight's CapitalCube platform, the company's technology algorithmically analyzes market price data and regulatory filings to create actionable narratives and research - all available as a cloud-based, software-as-a-service offering.
The company already counts Wall Street Journal and Dow Jones among its licensing partners with some of the information on these news websites powered by its CapitalCube platform, and is hoping to expand on the business-to-business side of the industry this year.
The acquisition of OneUp, which is currently developing a mobile marketplace suite aimed at disrupting user acquisition and engagement, is expected to close by the end of April.
The deal builds on AnalytixInsight's growing strategy of building social analytic layers on top of its data analytics engine, entering deeper into the world of social intelligence. The company last month also unveiled an ETF service, an extension to its analytics platform that provides fundamental research about ETFs based on the analysis and risk assessment of their daily changing underlying compositions.
The financing is slated to close in mid-April, subject to certain conditions and regulatory approvals.