TeleComputing ASA, the Norwegian application service provider which moved its headquarters to Fort Lauderdale, Florida, earlier this year, has raised $38.5m via a private placement of 1.9 million shares at NOK160 ($19.77) each. This represented the average price at which the companyÆs shares were trading over the last ten days on the over-the-counter market of the Oslo stock exchange.
Founded originally in Oslo in 1997, TeleComputing operates ASP services from three data centers internationally, supporting customers in the US and Europe. Its US server operations are located at MCI WorldComÆs UUNet facility in Vienna, Virginia.
TeleComputing said it would use the capital raised in the operation to expand its operations with particular focus on the North American market and an expansion of its relationship with Microsoft. The company recently struck a licensing deal with Microsoft for the Office 2000 suite for its ASP offering.
European financial institution Carnegie ASA handled the placement. TeleComputing said that, after the operation, it has 21 million shares outstanding. The company is in an expansionist mode right now, having already carried out an institutional listing worth $19.26m in August and planning an IPO and full listing in Oslo some time over the next six months.
