Crossword Cybersecurity raises equity at 23% discount; agrees acquisition

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Cyber security group Crossword Cybersecurity said it had raised £5 million from a share issue to fund the acquisition of a threat intelligence company and other business activities.

New shares in Crossword Cybersecurity were offered at 30p each, a 23% discount to their closing price on Tuesday.

The proceeds also would be used to increase sales and marketing resources and fund product development.

Crossword said it had agreed to acquire the acquisition target, which it didn't name, for up to £1.8 million, of which £0.45 million was conditional on performance.