Excite Technology Services raises $1 million through placement

Excite Technology Services Limited (ASX:EXC) has secured binding commitments from sophisticated investors in a placement of ordinary shares, raising $1 million. The funds will be utilized to provide working capital for investment in the Group's sales and go-to-market resources, focusing on the enhancement of digital forensics and incident response capabilities. The new shares, totaling 100 million, will be issued at an issue price of $0.01 per share by Wednesday next week.

Executive Commentary

Following the acquisition of CDFS, we will now focus our attention on driving a greater impact within our expanded customer base. With the acquisition of CDFS, we have a unique opportunity to bring their specialized service offering into our customer base and equally will have the prospect to work with their customers and partners. I welcome the continued support from our existing shareholders through their participation in this placement.

Summary

Excite Technology Services Limited has successfully raised $1 million through a placement of ordinary shares, demonstrating the confidence of sophisticated investors in the company's growth prospects. The funds raised will be directed towards enhancing the Group's sales and go-to-market resources, particularly focusing on the development of digital forensics and incident response capabilities. The acquisition of CDFS presents an opportunity for Excite to expand its service offering and collaborate with new customers and partners. The issuance of 100 million shares at an issue price of $0.01 per share reflects the company's strategic approach to secure necessary capital for its future endeavors. Excite's commitment to leveraging its expanded customer base and specialized service offerings indicates a positive outlook for the company's corporate strategy and growth trajectory.