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Outsourcery, the much-hyped ‘cloud’ infrastructure services play led by ‘Dragon’ Piers Linney, has raised £4.2m gross through placing 3.75m shares (12% of the issued capital) at 112p, a 6% discount to its last close (120p). Outsourcery listed on AIM in May 2013 at 110p (see Outsourcery weaves its spell on investors). The funds will be used primarily to chase UK government cloud business on its Microsoft-based platform (see Microsoft provides the magic for Outsourcery). At half-time (to 30th June) Outsourcery had lost net £4.6m on £2m turnover. Linney reports monthly recurring revenues 'in line with market expectations' at £500k.
The UK government has made no secret of its love of SMEs. Turning love into marriage is the tricky bit.
