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(Alliance News) - KRM22 PLC said Thursday it has partnered with deltaconX, which provides regulatory reporting services for European financial, energy & commodity trading organisations.
The company also announced its intent to raise around GBP1.0 million through a placing, the proceeds of which will go towards providing additional working capital.
The technology-focused investment firm will issue 1.9 million shares at a price of 52 pence per share, reflecting a discount of 4.6% to KRM22's closing price on Wednesday at 54.50p.
Shares in KRM22 - which is headquartered in London - were untraded on Thursday, last quoted at 54.50 pence.
finnCap will act as nominated adviser, broker and sole bookrunner in relation to the placing.
Under the partnership, deltaconX's services will be made available through KRM22's global risk platform, allowing firms to meet regulatory requirements including MiFIR, MiFID 11 and REMIT.
The application will simplify the reporting process through automation and error handling, reducing the likelihood of human error.
"With a rise in the number of enforcement actions and a plethora of progressively complex regimes to comply with, regulatory reporting is an increasingly important area of focus for our customers. This new partnership with deltaconX is complementary to the suite of regulatory risk applications which is currently available through our Global Risk Platform and will allow us to help firms reduce the complexity of complying with multiple regulatory reporting regimes," said Saeed Patel, director of Product Strategy at KRM22.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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