Uplogix, which develops remote management software for satellite communications, has netted US$11.34m via a private placing to institutional investors.
A total of 23 investors participated, with existing shareholders Adams Capital Management, Hill…
Uplogix, which develops remote management software for satellite communications, has netted US$11.34m via a private placing to institutional investors.
A total of 23 investors participated, with existing shareholders Adams Capital Management, Hill Partners and Citigroup providing the majority of the funding.
Uplogix has not stated what proceeds from the financing will be used for, although according to its SEC filing the transaction is not connected to any subsequent acquisition or exchange offer.
Founded in late 2003, Uplogix specialises in integrated remote management solutions that enable customers to track the performance of their data networks in remote areas. In spite of significantly cutting costs during the downturn, the company’s revenues have grown rapidly over the past two years, driven in particular by the expansion in the satcoms services market for the maritime and oil and gas industries.
Since its inception, the company has raised more than US$20m in venture funding.
