KIT digital Closes $55 Million Equity Offering

Apr 29, 2010

KIT digital, Inc., a provider of on-demand software solutions for managing video assets,  closed a sale of 4,230,770 shares of common stock at $13.00 per share. The sale resulted in gross proceeds to the company of $55 million, with net proceeds of $50.3 million after underwriting discounts, commissions, legal fees, and other expenses.

The public offering was managed by Roth Capital Partners, with assistance from Janney Montgomery Scott LLC and Merriman Curhan Ford & Co. The company announced plans to use the net proceeds of the offering to acquire and invest in competitive and complementary businesses, in order to drive its growth strategy.