Eagle Eye Solutions Group PLC, ("Eagle Eye" or the "Company") a UK leader in digital consumer engagement to the retail and hospitality industries raised GBP6.0 million through a placing of new ordinary shares at a price of 164 pence per share. At the same time, Eagle Eye acquired a major competitor, 2ergo Limited, for GBP4.5 million in cash and shares. The market capitalisation of Eagle Eye on Admission at the placing price was approximately GBP33.0 million. The funds raised will enable the growth of the Company to be accelerated, help fund further investment in strategic technology and part funding the simultaneous acquisition of 2ergo Limited, which will provide access to new customers and significant IP.
Eagle Eye provides a digital transaction platform for the secure multi-channel issuance, management and redemption of promotional offers, gift vouchers and loyalty-based rewards, replacing previously used paper-based methods. The coupons, gift vouchers and loyalty-based rewards markets are currently transitioning through substantial change as both retailers and consumers are moving away from paper and plastic to digital offers, rewards and loyalty. These markets, in aggregate, are estimated to be worth £54.8 billion, £4.7 billion and £210 million respectively.