Ubizen NV, the Belgian network security software developer, is to raise 15.8m euros ($15.8m) via a private placement of 375,000 new shares at 42.2 euros ($42) per share. The firm will use the funding as working capital and to cancel debt. The deal marks a shift for Ubizen from existing shareholders, whose preferential subscription rights have been annulled, to institutional investors. In Ubizen’s fourth quarter results last week, the company’s Benelux revenue failed to top sales from the French, Scandinavian and US offices (CI No 3,799). The share placement may mark an attempt by Ubizen to broaden its ownership outside its Belgian base, although the institutional investors that will be taking up the Ubizen options were not named.
