Amcom eyes acquisitions with $40m raising

Amcom Telecommunications says it is on the hunt for new growth opportunities after raising $40 million through a share placement.

The Perth-based IT company placed about 19.5 million shares at $2.05 each to institutional and sophisticated investors.

The issue price represented a 6.8 per cent discount to the company's last closing price.

Amcom said the proceeds from the placement would be used to fund potential acquisitions of "complementary businesses which are aligned with Amcom's current capabilities".

"We are very pleased with the strong support for the placement, both from our existing shareholders and new investors," Amcom chief executive Clive Stein said.

"This placement ensures Amcom is well placed to pursue complementary acquisition opportunities as they arise to drive additional growth."

Euroz Securities acted as lead manager to the placement.

Amcom shares were trading 11 cents lower at $2.09 at 9:49am WST.