Technology company Blur Group has restructured its board after a share placing raised a £1.75m cash boost.
Specialising in web and app development to software, networking and cloud migration, the Exeter-based firm was priced at 1.75p per share.
The money will be used to realise the new board’s growth plan, generating enterprise customers from the current pipeline during the next 12 months.
Chairman David Sherriff, non-executive directors Roger de Peyrecave and Rob Wirszycz and chief delivery officer Kara Cardinale will step down from the board following completion.
David Rowe will be appointed chairman with Preeti Mardia, Richard Rae and Richard Croft being appointed to the board as non-executive directors.
Rowe said: “Blur has promised a lot but is yet to deliver to shareholders.
“Its core proposition of applying automation to the Enterprise procurement process has a number of strong prospects in the pipeline.
“The task of the restructured board is to ensure that the company has the right approach and support to convert these prospects into reference customers in the next 12 months and build on its AI capabilities.”
Finance director Tim Allen will also step down from the board shortly after the general meeting with James Porter, Blur’s existing financial controller, will serve as interim finance lead. Philp Letts will remain as chief executive.