Technology - Adaytum in £5.5m stock deal.
Enterprise business planning solutions provider Adaytum has announced it will increase its product development after securing a #5.5m round of preferred stock venture financing.
The investment in the internet-based vendor was led by St Paul Venture Capital, with further support from 3i, Accenture, American Express and JP Morgan/H&Q.
As well as product development, the company said the proceeds from the round will be used for marketing, branding and consulting.
‘Given current investing conditions, we are delighted that our investors continue to show faith in our company,’ said Adaytum CEO Guy Haddleton.
‘This new infusion of capital comes on the heels of growing momentum for our solution in the market.’
The announcement follows the decision by the company in January this year to make 18 of its UK administration and support staff redundant.
Adaytum strikes Andersen deal www.accountancyage.com/Business/1103379.