Petra Capital on board for $10m IntelliHR raising

Petra

The Australian Financial Review

Human resources software company IntelliHR is raising $10 million to aid its international expansion.

The company, which operates a software-as-a-service model and targets small-and-medium-sized businesses, has appointed Petra Capital as the joint lead manager for the raise.

The offer is priced at 23¢ per share, representing a 20.7 per cent discount to its last close price.

Of the $10 million bring raised, $1 million will be applied to a share sell down.

The business counts the likes of Baby Bunting, Platinum Asset Management, and Fujitsu as customers.

In the 2021 financial year, it generated $4 million in annual recurring revenue, and had a 93 per cent jump in customers to 208. Subscribers leapt 158 per cent to almost 38,000.

Bids are due by 3pm on Wednesday.