The changing face of Sausage Software is confident the future is bright and has a AU$17.3 million capital raising venture in the pipeline.
The Melbourne-based software house, which integrated with SMS Consulting last year, announced recently a new organisational structure and impending name change to SMS Management & Technology Limited.
"The directors continue to share the opinion that there exists a sound underlying business combining strong traditional IT strategic management and integration capabilities with Australia's leading specialist Internet and Web development strengths," the company said in a statement to the Australian Stock Exchange.
"The funds will be used for additional working capital and to take advantage of any new business opportunities that may arise."
The capital raising is through the placement of 36 million ordinary shares at 48 cents per share to the private equity arm of Macquarie Bank, Macquarie Direct Investment Trust III, and MGB Equity Growth.
Macquarie Direct Investment Trust III will take 24 million shares and MGB Equity Growth the remaining 12 million, leaving Maquarie Bank - with an 11 percent stake in the company - the third largest shareholder in Sausage.
Sausage also announced that it became positive at the earnings before interest, tax, depreciation and amortisation (EBITDA) level during the March quarter and is said to be confident that this situation will be maintained for the remainder of the financial year.
"It is, however, too early to forecast the overall result for the full financial year," the company said.
In recent weeks, Sausage has extended its senior management team and is set to bump up its board members with the appointed two additional directors.
