- PayGroup (PYG) is planning to raise $16 million to help it purchase 100 per cent of Integrated Workforce Solutions (IWS)
- The payroll and human capital management company will pay $15.3 million to acquire the cloud-based workforce management platform
- PYG plans to tap investors for $15 million via a placement, while shareholders are able to take place in a $1 million share placement plan
- Under the capital raise, more than 26 million new shares will issued at 56 cents per share — a discount of 11.1 per cent on the company’s last closing price
- Additionally, PayGroup has advised it’s on track to exceed its annualised recurring revenue forecast and contract guidance
- Shares in PYG are trading up 2.38 per cent at 64.5 cents per share
