Airline e-commerce platform Datalex has raised €25m through a share placing, in its latest capital raising initiative.
The company said it was completed at a premium to current share price following strong support and confidence from shareholders.
85% of the newly issued shares were allocated to IIU Nominees, which is controlled by businessman Dermot Desmond.
That brings to 49.3% the company's total stake in Datalex.
The capital raise was approved by shareholders at an Extraordinary General Meeting this morning.
Datalex said the funds will be used to strengthen its balance sheet, which will enable it to complete the repayment of the outstanding Tieragh loan facility and transition to a more sustainable capital structure for the group.
CEO of Datalex, Jonathan Rockett, said the company was delighted to be in a position to have completed its capital raise.
"This marks the beginning of a new chapter for Datalex - a chapter which will provide the company with greater scope to implement is growth strategy, generate new revenue opportunities, accelerate investment in our product roadmap and continue with activation projects and opening the door for exciting partnerships," Mr Rockett said.
"Following the recent activations with existing customers, our go-live with Air Macau who signed with Datalex less than nine months ago, and the launch of our offer and order product portfolio, I am extremely excited with the momentum behind the company at present and look forward to maintaining this into the future," he added.
Datalex said it has a strong pipeline of opportunities following the recent high-profile partnership activations with Aer Lingus and Air Macau.
