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Rubicon Software

  • BY: Andrew Hore |
  • POSTED: 20/04/2009 |

A US-based provider of data centre optimisation software is investing 100,000 in Rubicon Software.

Rubicon, which supplies Accelerator customer relationship management software, has been looking for a way to replenish its cash. Net debt was 48,000 at the end of 2008.

Information Systems Associates Inc is quoted on the US OTC Bulletin Board (OTCBB: IOSA). It generated revenues of $1.23m in 2008 and the reported loss was $588,000. ISA had available cash of $205,000 so this investment will take up a significant proportion of that. At 60c a share, ISA is valued at $9.79m.

The initial investment is 50,000 and will be made after a general meeting on 15 May 2009. The other 50,000 will be invested within 90 days of the meeting.

The investment is at 2p a share. That was more than double the previous closing price of the Rubicon shares. The share price has jumped 2.375p to 3.25p, which values the current share capital at 1.23m.

ISA can receive 1 of share warrants for every 1 of gross revenues it delivers to Rubicon over the next three years. The warrants have a subscription price of 5p a share. ISA can receive up to 5m warrants. 

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