Sinch has raised $1bn to aid its acquisition strategy.
The CPaaS firm, which is listed on Nasdaq Stockholm, issued over seven million new shares to rake in SEK 9.4bn.
In a statement, the firm said: “Sinch has an active M&A agenda and a track record of successful acquisitions, making the Company well placed to drive continued consolidation of the Messaging and CPaaS market.
“Furthermore, the increased financial flexibility that the directed new share issue entails further strengthens the Company’s position as a relevant and competitive buyer.”
The additional funding comes after Sinch announced the $1bn acquisition of Inteliquent in February. It said the new capital will also “strengthen its financial situation” following such a large deal.
Sinch said the share offering was aimed at selected Swedish and international institutional investors, with the funds set to be used for “further value-creating acquisitions”.
