RightCrowd® Software announced that it has successfully completed an initial public offering, which raised an additional $10M of capital to support its global growth program and accelerated R&D activities. (ASX Ticker — RCW).
RightCrowd® Software provides innovative solutions to enable organizations of all sizes to automate and enhance business processes around physical security, safety and compliance.
RightCrowd® Software has invested much of the previous 10 years in R&D, to solve deficiencies in physical security, safety and compliance systems for major organizations. Increasingly stringent regulatory environments and global security concerns have seen significant growth in the market for its solutions.
CEO, Peter Hill says ”RightCrowd solutions enable organizations to exploit their existing investment in physical security systems to address compliance gaps, better mitigate security and safety risks, while achieving lower transactional cost for the provision of physical security processes.”
RightCrowd® Software has been successfully deployed in large global organizations, including some in the Fortune 50 and ASX 10. These implementations have proven the technology at significant scale and confirms the market potential for the broad-based commercialization of the RightCrowd® platform.
The proceeds of this capital raising will support the company’s growth strategy, expanding the global channel-partner program, increasing product research and development, and providing customers with expanded confidence of working with a publicly listed entity.
Hill says, ”We’re very happy with the success of the IPO, given it was almost four times over-subscribed. This reflects the confidence in our vision, but most of all, RightCrowd can now more broadly support its customers and channel partners through expanded marketing, training and support programs”.
