Excite Technology Services' $1 million placement

Excite Technology Services Limited (ASX: $EXT) has secured binding commitments from investors in a placement of ordinary shares, raising $1 million. The funds will be utilized for working capital to support further investment in the Group's partner alliance, imminent strategic acquisitions, and development in AI initiatives to enhance customer delivery. The placement includes participation from Mr. Geoff Lord of the Belgravia Group, who recently entered into an option to subscribe for convertible notes with a face value of up to $2 million in Excite.

Executive Commentary on the Placement

Non-executive Director and Chairman Steven Bliim expressed excitement about welcoming the new investors onto the company's register. He highlighted that the funding will facilitate the acceleration of investment to bolster their go-to-market strategy and service delivery initiatives. Bliim emphasized the significance of Artificial Intelligence in empowering their staff to provide industry-leading detection capability and automation in customer service interactions. Additionally, he mentioned that the funding will expedite their ability to evaluate and execute strategic acquisition opportunities.

Summary of Excite Technology Services' Placement Announcement

Excite Technology Services Limited (ASX: $EXT) has successfully raised $1 million through a placement of ordinary shares. The funds will be allocated towards supporting the Group's partner alliance, strategic acquisitions, and the development of AI initiatives to enhance customer delivery. The participation of Mr. Geoff Lord from the Belgravia Group, along with other investors, underscores confidence in Excite's strategic direction. Non-executive Director and Chairman Steven Bliim highlighted the pivotal role of Artificial Intelligence in enabling staff to deliver industry-leading detection capability and automation in customer service interactions. The company aims to leverage the funding to expedite the assessment and execution of strategic acquisition opportunities, positioning itself for future growth and expansion.