UPDATE: Checkit raises GBP21.0 million in placing to fund expansion

Checkit PLC - Cambridge-based workflow management software provider - Raises GBP21.0 million in share placing announced earlier on Friday. Places 45.6 million shares at price of 46 pence each. Placing price is 4.2% discount to Thursday's closing price. Says placing was oversubscribed.

"I am delighted by the outcome of this placing. The Checkit vision and strategy has been well received by the market and the proceeds of this placing will now allow us to accelerate our growth ambitions and play a leading role in the evolution of the deskless worker industry," says Chief Executive Kit Kyte.

Earlier on Friday, firm explained proceeds would be used to "take advantage of the significant opportunities presented by the growing deskless worker industry" by accelerating its go-to-market strategy and strengthening product offering. Wants to expand sales reach, increase market share in North America and invest further in product.

Current stock price: 47.18p, down 1.7% on Friday

Year-to-date change: down 7.5%

By Lucy Heming; lucyheming@alliancenews.com

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