Distributor Rhipe has raised $33.6 million through a capital raising from investors and staff as it plans to pursue acquisition opportunities.
The funding was raised to “strengthen” Rhipe’s balance sheet to allow it “to pursue acquisitions that are complementary to its existing cloud software solutions business”.
The company didn't go into more detail on its acquisition plans, but Rhipe had its fair share of acquisitions since adopting its current name from NewLease in 2014.
The company acquired Microsoft Office 365, Azure and Sharepoint consultancy nSynergy the same year, followed by Microsoft Dynamics 365 partner Dynamics Business IT Solutions and Melbourne-based software developer Network2Share in 2019.
Through the nSynergy sale, Rhipe also previously held a stake in ASX-listed software house LiveTiles, which was later sold off in 2016.
The acquisitions were combined to create a broad professional services division called “Rhipe Solutions and Professional Services”, led by chief commercial officer Warren Nolan.
The capital raise saw the distributor issue 21 million new shares, or 15 percent of Rhipe’s ordinary equity before the raise. Upon completion of the raise, the company will have more than 161 million ordinary shares on issue.