GameAccount Network, the gaming software firm headed by Dermot Smurfit Junior, has raised £22.2m (€26.6m) in the successful placing of new shares.

The company, which is based in London, now expects to be admitted to trading on the ESM market of the Irish Stock Exchange and the AIM market of the London Stock Exchange on November 25. 

The company will have a market capitalisation of about £75m (€90m) and reported strong institutional investor interest with the placing oversubscribed. 

GameAccount Network provides licensing gaming content to such firms as Paddy Power, William Hill, Rank, Lottomatica and Sisal MatchPoint. It operates in the UK, US Spanish and Italian markets. 

The company said the placing will allow it to accelerate the growth of its business, and expand its US sales and development infrastructure, as well as drive further growth in Europe.

"Strong international investor interest contributing to an oversubscribed offering highlights the significant opportunity for GameAccount Network in a rapidly growing regulated internet gaming sector," commented the company's chief executive Dermot Smurfit Junior. 

"We have a proven management team, a best-in-class Internet gaming technology, no debt and a strong financial position to capitalise on the opportunities presented by the regulated Internet gaming sector," he added.