Sumo Group, a provider of creative and development services to the video games and entertainment industries, has raised gross proceeds of £13.7 million (before expenses) through the successful placing of new ordinary shares.
The AIM-listed, Sheffield headquartered firm said it intends to use the net proceeds of the placing to take advantage of potential M&A opportunities that may arise and will “update shareholders on these as they progress.”
The firm said in an earlier statement that “given the fragmented nature of the market and opportunities arising from the Covid-19 situation, the Group continues to be focused on accelerating expansion through specifically targeted acquisitions.”
Its previous acquisitions include Huddersfield-based Red Kite in 2019 and Brighton-based The Chinese Room in 2018.
In March of this year the firm reported its 2019 annual revenues had increased by 26.6% to £49m.
CEO Carl Cavers said at the time: “Our people are adapting well to home working and we have a strong and resilient business with £23.6m cash and a relatively low risk business model.”