Menu
Rhipe secures $34M for acquisition spree

Rhipe secures $34M for acquisition spree

Seeks businesses to complement cloud software subscription arm

Dominic O'Hanlon (Rhipe)

Dominic O'Hanlon (Rhipe)

Credit: Rhipe

Cloud software distributor Rhipe has raised almost A$34 million in investor capital in order to pursue further acquisitions.

The Australian firm announced the raise as part of growth plans for its cloud software subscription business.

The fundraising effort comes off the back of significant growth in Rhipe’s public cloud software and infrastructure business, driven by demand for Microsoft Azure and Office 365.

This saw Rhipe gain 33 per cent in sales growth to A$152.7 million in the first half of this financial year. 

The capital raise comes in the form of A$33.6 million unconditional placement of ordinary shares to institutional investors and A$200,000 to directors and employees. It is subject to shareholder approval which will be decided at a general meeting on 9 June.

As a result of the raising and the COVID-19 pandemic, publicly listed Rhipe said it would also adjust current long term incentive targets to keep the leadership team “motivated” on long term success.

Rhipe dipped its toes in the acquisition waters last August when it bought Melbourne-based software company Network2Share for A$5 million.


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags MicrosoftdistributorazureRhipe

Events

EDGE 2023

EDGE is the leading technology conference for business leaders in Australia and New Zealand, built on the foundations of collaboration, education and advancement.

WIICTA 2023

ARN has celebrated gender diversity and recognised female excellence across the Australian tech channel since first launching WIICTA in 2012, acknowledging the achievements of a talented group of female front runners who have become influential figures across the local industry.

ARN Innovation Awards 2023

Innovation Awards is the market-leading awards program for celebrating ecosystem innovation and excellence across the technology sector in Australia.

Show Comments