Dubber received commitments to raise $22 million through the placement of 29,333,333 shares at 75 cents each ($0.75). The funds will assist in kick-starting opportunities for global growth, including scaling up long-term recurring revenue.
Dubber CEO Steve McGovern said:
"This is a significant milestone for Dubber, following strong growth across our key metrics."
"We have several opportunities in which we will now invest, to ensure that growth is accelerated and that we consolidate and expand our market-leading position as a Cloud call recording platform designed for telecommunications service providers"
Funds to boost global growth
Wholesale will receive 40 percent of the fund allocation. As Dubber has existing agreements with 92 telecommunications service providers, the plan is to further drive growth through carriers. The company also has 57 more contracted service providers at various stages of deployment.
An extra 20 percent will go to 'Dubber Connect,' its main Cloud-based recording offering. In a statement, Dubber said service providers are 'attracted to their model, which enables rapid-deployment.' There are also plans to use 20 percent of the funds to hire more business development and sales staff.
“Dubber has recently signed an agreement with IBM which sees the marketing of a joint technology solution whereby the Dubber platform captures voice data, thereby enabling IBM to deploy its suite of products and services. The company will seek to allocate account managers on a 'Light touch' basis to support the opportunities presented by IBM's large client base and sales channel,” according to a company press release.
