NEWS22 May 2012

Mobile analytics firm Bango to raise £3m through stock offering

Financials UK

UK— Bango, a mobile billing and web and app analytics firm, is looking to raise £3.25m through a placing of new shares with institutional investors.

The firm plans to use the cash from the sale of 2.3m shares to strengthen its presence in the US – especially on the west coast – while increasing the amount of resources available to develop strategic relationships and recruit a chief operating officer.

A general meeting is being held in the first week of June for shareholders to vote on the proposal. If it passes, Bango said it expects the new shares to start trading on the Alternative Investment Market on 11 June.

Meanwhile, Bango’s CFO Peter Saxton has announced that he is to retire this year. Saxton will remain in the role until his successor has been appointed.