Cloud-based website and database backup and monitoring service Dropsuite has appointed Petra Capital to manage a $20 million placement to institutional investors.

Priced at 21¢ per share, the offer comes at a 10.6 per cent discount to the previous close price.

Dropsuite offers cloud-based website, email and Office suite backup services.  Illustration: Karl Hilzinger

Funds will be raised to accelerate the company’s growth through acquisitions, complimenting organic growth.

The company has 500,000 users across 100 countries and 354 IT reseller partnerships globally.

It backs up Office 365, Workspace Gmail, Hosted Exchange, Open-Xchange, IMAP/POP, and websites to the cloud, It also offers eDiscovery solutions and business intelligence analytics for email.

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