Eagle Eye Solutions Group, the marketing company set up with backing from former Tesco group chief executive Sir Terry Leahy, is aiming to raise a further £6m to boost its operations and fuel further expansion.
Founded in 2003 with backing from Leahy, who remains a non-exec director, Eagle Eye provides digital consumer engagement solutions for the grocery, retail, and hospitality industries in the UK and internationally.
The company appointed Leahy’s former right-hand man at Tesco, Tim Mason, as chief executive last year.
It works with a raft of top retailers, including Asda, Sainsbury’s, Marks & Spencer, Greggs, Mitchells & Butlers and Pizza Express and recently secured a deal with John Lewis to boost the company’s mobile marketing.
The AIM-listed company has placed 2.7 million new shares, representing 12% of the company’s share capital prior to the placing, which is subject to shareholder approval at the next meeting on June 13.
The funds raised will be used to invest in operational and marketing capabilities to capitalise on recent momentum in the company, as well as to pursue growth opportunities, Eagle Eye said.
Mason said: “Eagle Eye has delivered operational momentum and we are seeing increasing demand from retailers and brands for our proven and scalable technology to drive a structural shift in their digital marketing capabilities.
“The proposed placing will help Eagle Eye to significantly strengthen the marketing and operational capabilities that underpin our growth strategy and, ultimately, capitalise on our strong first-mover advantage to deliver additional value to our customers and shareholders alike.”
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